Banks given additional 72 hours to investigate suspicious payments

The government is empowering banks to combat fraud by allowing them to pause suspicious payments for up to 72 hours, extending the processing time to four days in total. With fraudsters stealing £3.2 million per day in 2023, the new rules aim to protect vulnerable communities and individuals by giving banks more time to investigate and prevent scams. Additionally, the Payment Services Regulator is implementing new protections for victims of authorised push payment fraud, requiring banks to refund losses up to £85,000 within five days, aligning with efforts to enhance fraud prevention measures.

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