Fraudulent payments – where people are tricked into sending money to criminals – cost consumers £460 million in England and Wales last year. To give consumers more protection, the UK government now plans to give banks 72 hours to delay completion of potentially fraudulent transfers.
The growth of the decentralised finance sector – including cryptocurrencies and the platforms that facilitate their trade – offers an alternative to mainstream finance. But as well as new opportunities, the growth of DeFi (as it’s known) has brought serious risks of financial crime and scams.
