Delaying first-time payments

UK banks may be forced to delay payments made to an account for the first time by 24 hours, under proposals that would help victims of fraud to claim refunds.

An influential Commons Treasury committee believes such a move would protect against so-called ‘authorised push payments’ scams in which growing numbers of individuals are tricked into making payments to fraudulent accounts that they believe are legitimate.

Several big banks have now signed up to the voluntary scheme, which makes it easier for customers to get reimbursed by their banks.

UK Finance said that more than £600m was stolen by fraudsters in the first half of the year.


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