UK banks given extra three days to delay payments in effort to curb fraud | fraud

Bank payments could be delayed by a further three days if lenders suspect consumers are being scammed as part of a crackdown on a surge in digital fraud in the UK.

High street banks will be given new powers by the Treasury to delay and investigate payments they suspect of fraud, under changes designed to protect consumers from online fraud.

The Treasury said it would extend the period within which payments can be delayed if there are reasonable grounds to suspect fraud by up to four business days from the current window to complete or reject payments before the end of the next business day.

The government hopes the move will help tackle the estimated 460 million losses caused by fraud last year alone.

It comes after a sharp rise in fraud in the UK payments industry in recent years, including a boom in fraudsters tricking people into sending money to bank accounts operated by criminals, known as authorized push payment (APP) scams.

“This is ruining the lives of ordinary people who have done nothing wrong,” city minister Tulip Siddiq told the Guardian. I think the Treasury needs to protect these people.

The best way to protect yourself is to prevent fraud before it happens. Therefore, giving banks more time to investigate suspicious payments before they are made is probably the best remedy.

Fraud is the most common crime in England and Wales, accounting for more than a third of all crimes. These include so-called romance scams, where scammers target vulnerable people by pretending to be romantically interested and then tricking them into sending money to bank accounts they control.

Ministers are facing calls to take stronger action to ensure social media companies, which scammers often use as gateways to reach consumers, crack down on fraudsters exploiting their platforms.

Siddiq said online safety legislation passed by the previous Conservative government would be helpful as she worked with government, law enforcement and industry to tackle the issue.

She said this bill alone is not the same as ending the fraud epidemic, citing the authority to delay potentially fraudulent payments. But we have tried to work across government to address these issues.

[We will do] Probably much more. The fact is that there is a big problem with fraud and this is one aspect of dealing with it. I am working across Government and with all Ministers to find ways to improve our approach.

Earlier this month, consumer groups attacked the Payments Systems Regulator's decision to cut the maximum amount banks must refund to UK fraud victims from 415,000 to 85,000. The bank must refund the victim within 5 days.

Separately on Thursday, Meta, the owner of Facebook, Instagram and WhatsApp, announced it was expanding its plan to share information with banks to prevent fraud.

Meta has been working with NatWest and Metro Bank on a program called the Fraud Intelligence Reciprocal Exchange, but said it would now expand the scheme and enroll more banks.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/money/2024/oct/03/uk-banks-given-extra-three-days-to-delay-payments-in-effort-to-beat-scams The mention sources can contact us to remove/changing this article

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