Bank transfer fraud reimbursement limit set to be cut under new plans

The Payment Systems Regulator plans to reduce the maximum reimbursement for bank transfer scams from £415,000 to £85,000, sparking criticism from consumer groups. Despite claims that the new cap will still cover the majority of scam cases, concerns remain about the impact on victims of high-value fraud. The regulator aims to strike a balance between consumer protection and industry incentives, with the consultation closing on September 18.

Source link