This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
09/04/2024
Report: UK Regulator Makes Massive Cut to Fraud Reimbursement Plan
PYMNTS
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan.
Banks and payment companies in England would have had to reimburse victims of scams up to £415,000 ($544,000), but will now have to pay a maximum of £85,000 ($111,000), the Financial Times reported Wednesday (Sept. 4), citing sources familiar with the matter.
The move follows pressure from the banking/payments sector on the Payment Systems Regulator (PSR) to scale back the reimbursement plan, set to go into effect Oct. 7. According to the FT, a consultation on the new limit is expected to be announced as soon as Wednesday.
The report also notes that the PSR says it will release findings on how much of recent payment fraud was on individual transactions of more than £85,000. However, the regulator declined to say whether it would reduce the proposed threshold for mandatory reimbursement by banks from £415,000.
More Info
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information