UK banks given extra three days to delay payments in effort to beat scams

Ministers have faced demands to take tougher steps to get social media companies – often used by scammers as a gateway for reaching consumers – to crack down on fraudsters exploiting their platforms. Photograph: Tim Goode/PA

Bank payments can be delayed by an extra three days if lenders suspect consumers are being scammed, as part of a crackdown on booming levels of digital fraud in Britain.

Under changes designed to protect consumers against online scams, high street banks are to be handed new powers by the Treasury to delay and investigate payments suspected of being fraudulent.