The United Kingdom introduced new fraud rules which took effect on October 7th that aim to expedite reimbursements for scam victims. These rules ensure that funds are returned within five working days and will hold banks more accountable. Just last year nearly 3 million Britons lost over £1.1 billion to scams through authorized push payment fraud (APP) fraud. The new rules also require that both the sending and receiving banks share liability for losses, which encourage all banks to boost fraud protection. The automatic reimbursement cap was also reduced from £415,000 to £85,000. However, there are still concerns about customer complacency and the role of social media platforms in preventing fraud. The Payment Systems Regulator will monitor these new rules and the industry as a whole over the next year to assess their effectiveness. https://www.ft.com/content/cc1bf03a-7a7b-4977-b74a-c97f54ee8601
UK Fraud Rules
