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MPs say banks should compensate more victims of payment scams

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MPs say banks should compensate more victims of payment scams

 

 

Banks should consider refunding more customers who fall victim to certain kinds of payment fraud, according to MPs.

A new report warns fraud is the second most common crime in England and Wales, and described economic crime as a “serious and growing problem.”

It said fraudsters had taken more than £600m in the first half of 2019 alone with scams getting “ever more sophisticated,” from romance fraud to posing as internet providers.

But the report by the cross-party Treasury committee says “authorised push payment” is a new and growing issue.

It involves consumers being tricked into processing payments themselves into accounts controlled by criminals, often using “high pressure tactics” to convince them to do so quickly

https://uk.yahoo.com/finance/news/online-fraud-payments-banks-crime-[problem]-mps-push-consumers-fair-refunds-090743156.html


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