New UK Fraud Rules Set to Empower Victims

guest · Jan 31, 2019

New UK Fraud Rules Set to Empower Victims
January 31, 2019
https://www.infosecurity-magazine.com/news/new-uk-fraud-rules-set-to-empower/

New rules come into force in the UK today designed to provide consumers with stronger powers of redress in the event they fall victim to authorized push payment (APP) fraud.

APP fraud occurs when an account holder is tricked into making a payment to another account, such as in BEC or CEO fraud.
APP fraud losses jumped 44% between the first half of 2017 and the same period last year to reach £145m in the first six months of 2018, according to UK Finance.

“These new [APP] rules will directly benefit consumers falling victim to this type of fraud by giving them stronger redress with the recipient bank or building society being used by the fraudster, in addition to their own.”
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guest · Feb 16, 2019

Banks agree to refund victims of complex frauds where customers are tricked into transferring money to criminals after it was revealed the scam costs people £1million per day
February 15, 2019
https://www.dailymail.co.uk/news/article-6710711/Banks-agree-refund-victims-complex-frauds.html

Banks have finally agreed to refund victims of sophisticated frauds.
They had been refusing to pay compensation in cases where neither they nor the customer was to blame.

Around £1million a day is stolen through ‘authorised push payment fraud’, where customers are tricked into switching money into accounts controlled by criminals.
It is hoped that the interim compensation scheme will be in force by the end of the year.

Banks are considering ways of funding it, possibly with a levy on transactions. They will have to put in place security measures to ensure guaranteed compensation does not lead to higher levels of fraud.
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