UK PARLIAMENT CALLS FOR BANKS TO REFUND FRAUD VICTIMS
November 1st, 2019
British banks should refund victims of authorised push payment (APP) transfer fraud, where fraudsters trick people into transferring large sums to them, often using hacked email accounts from genuine companies, according to the UK House of Commons Treasury select committee. Its report ‘Economic Crime: Consumer View’ says that UK bank customers lost more than GBP600 million (USD771 million) to fraud in the first six months of this year (2019), calls for the voluntary code of conduct on compensation for APP victims that British banks introduced in May, to be ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.