Regulator Urges UK Banks to 'Help Foot the Bill' for Fraud

PSR's Kate Fitzgerald on Steps for Reducing APP Fraud, Complying With New Mandates Suparna Goswami (gsuparna) • October 22, 2024

While the U.K. Payment Systems Regulator is taking steps to ensure customers receive consistent treatment from banks, fraud protection still has inconsistencies. Several policies have been introduced over the years to protect fraud victims such as voluntary reimbursement guidelines, but consumers can't always count on them.

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"We found that there was a huge variety in the protection offered, depending on who you bank with in the U.K.," said Kate Fitzgerald, head of policy at PSR. The U.K.'s new mandatory reimbursement regime will ensure consistent policies across all banks and motivate them to take preventive measures to fight fraud.

"For the first time, the firms receiving fraud will need to help foot the bill," she said.

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