Comment: Risks ahead for UK payment providers as fraud reimbursement rules kick in
By Phoebe Seers ( October 7, 2024, 09:27 GMT | Comment) -- UK payment providers enter a new regime today with an obligation to pay back victims of online payment fraud. It looks great for consumers, but what are banks and payments companies really on the hook for? While their regulator slashed the maximum value for refunds to 85,000 pounds just weeks ago, a quirk of the rules means a victim of a bigger fraud could win a refund of close to a million pounds. Another question is just how ready for the new regime payments providers are. UK payment providers enter a new regime today with an obligation to pay back fraud victims. It looks like a neat solution for consumers weary of a constant barrage of would-be scammers, but what are banks and payments companies really on the hook for?...
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