⛔️Antifraud Measures in the UK🇬🇧: Banks Gain New Powers

⛔️Antifraud Measures in the UK🇬🇧: Banks Gain New Powers

To combat fraud, banks now have the authority to suspend and investigate suspicious transactions.

▶️ If there are signs of fraud, payments can be delayed for up to 72 hours (previously, only until the next business day). This extension gives more time for investigation and allows users to reconsider and potentially cancel the transaction.

▶️ Banks must notify about the delay, provide instructions to unlock the payment, and compensate the customer for any fees or interest incurred due to the delay.

▶️ If, after 72 hours, the customer decides to proceed with the transaction and the funds are lost, the bank is required to reimburse them within 5 business days, up to a limit of £85,000, provided the transaction was conducted through Faster Payments or CHAPS.

▶️ Fraud accounts for more than one-third of crimes in the UK, resulting in losses of £460 million last year.

▶️ The most common type of fraud is romance fraud, in which scammers develop emotional relationships with victims to exploit them financially.

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