Afternoon summary
Afternoon summary
Time for a recap – here are today’s main stories:
Updated
UK banks to reimburse fraud victims under new rules, regulator confirms
Banks will be required to reimburse fraud victims who have been tricked into sending money to scammers under rules to come into force next year, a regulator has confirmed.
The requirements for banks and other payment companies unveiled by the Payments Systems Regulator (PSR) are designed to ensure more consumers will get a refund if they fall victim to the phenomenon, known as authorised push payment fraud.
APP scams happen when someone is tricked into making a payment to criminals posing as a legitimate organisation such as a bank, HM Revenue and Customs or the police. Scammers may also pretend to be selling goods or services that do not exist.
Losses from APP fraud reached almost £500m over the last year, according to the latest figures from UK Finance.
