The fight over the UK’s fraud compensation scheme

Quick Summary:

Three quarters of APP fraud cases originated from online sources and a further 16 per cent from telecommunications, according to the latest fraud report from UK Finance, the banking lobby group.

Implementing the regime in October is likely to lead to “confusion and disputes” over what counts as APP fraud and who should be liable to reimburse consumers, according to UK Finance.

Banks and payments companies currently reimburse, on a voluntary basis, customers for fraud at widely varying rates, with some refunding almost 100 per cent of cases, and others less than 10 per cent.

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Article Details

Author / Journalist: Akila Quinio

Category: MarketsFinanceInvesting

Markets: United States

Topics: Payment Fraud Financial City Payments Online Tech Companies Victims Banks Regime

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 04:00:24 (13 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 953 words

Reading Time: 6 minutes read

Sentences: 39 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 22094122

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About Financial Times

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 13 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

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Publisher ID: #3

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