UK Banks Mandate £85,000 Fraud Refunds
This is a UK news story, published by BBC, that relates primarily to PSR news.
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refundsBBC
•Banks must refund fraud in five days but losses capped at £85,000
79% Informative
UK banks must refund fraud victims up to 85,000 within five days under new rules.
Payment Systems Regulator ( PSR ) reduced maximum compensation from 415,000 .
Number of cases of authorised push payment fraud rose by 12% to 232,429 in 2023 , with losses totalling 459.7 m.
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