Some UK banks fully refund fraud losses in less than 10% of cases, says regulator

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Financial Times 13h ago

Some UK banks fully refund fraud losses in less than 10% of cases, says regulator - Financial Times

Quick Summary:

On Thursday, a coalition of companies including Barclays, BT, Nationwide, NatWest, Starling, Three UK, Virgin Media O2 and Vodafone also urged ministers to do more to foster data sharing among industry, law enforcement and government to help better prevent scams.

The plans to make reimbursements compulsory have sparked a backlash from industry and politicians who say they risk encouraging more complicit fraud and harming smaller fintech players.

The new Labour government is facing growing calls from the industry to review the upcoming fraud reimbursement rules.