Slower Payments, Faster Reimbursement: UK Banks Pressed On Fraud

New standards on reimbursing innocent fraud victims should be legally mandated and first-time payments should only be executed after a day’s delay, UK lawmakers have said in a new report on tackling the country’s fraud crisis.

Consumer losses to fraud topped £616m in the first half of 2019, although much is thought to go unreported, and industry claims it prevented a further £820m being nabbed during the same period.

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