UK banks have agreed to fund reimbursement for fraud victims for an additional three months, although consumer groups have labelled the measure a “stopgap” and called for regulatory intervention.
Industry group UK Finance announced on Thursday that seven banks had agreed to fund payouts to victims of authorised push payment (APP) fraud where neither party is deemed to be at fault until March 31 next year.
APP fraud occurs when individuals or businesses are tricked into transferring funds to an account held by a fraudster, and cost UK consumers more than £350m in 2018.
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