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Without rules for Big Tech, UK's fraud repayment regime could see scams spike, lawmaker says

By Phoebe Seers ( November 7, 2024, 16:00 GMT | Insight) -- New rules that UK banks and payments firms must reimburse victims of payment fraud could make the UK more attractive to criminal scammers, Labour lawmaker and former financial regulator Luke Charters told MLex. The new APP fraud regime should have been paired with obligations on social media, he says. He is urging the government to act, including by setting up a new anti-fraud center that could punish tech businesses that don't work to stop fraud. New rules that UK banks and payments firms must reimburse victims of payment fraud could make the UK more attractive to criminal scammers, a lawmaker has warned....

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