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​UK banks could have to compensate payment-scam victims under new proposals

( November 7, 2017, 08:21 GMT | Official Statement) -- MLex Summary: UK banks would have to pay compensation in some circumstances to people who have been tricked by phone or e-mail into transferring money to fraudsters, under proposals from the Payment Systems Regulator. The regulator said in a report that 19,000 people lost about 100 million pounds through "authorized push payment" scams in the first half of this year. The compensation program would be put into place by September 2018 alongside measures to improve banks’ systems and processes to prevent scams and handle complaints.The statement follows. The proposals report is attached....

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