⚡️The UK🇬🇧 Payments Industry Challenges Proposed Regulator Mandate for Scam Reimbursement

⚡️The UK🇬🇧 Payments Industry Challenges Proposed Regulator Mandate for Scam Reimbursement

Industry representatives consider the upper limit for reimbursement (520,760 USD) to be disproportionate and potentially harmful to small fintech companies. Lawyers suggest capping the maximum compensation at 37,975 USD, which more accurately reflects the average loss suffered by fraud victims.

➡️ This is a legislative program set to come into effect in October this year. The UK government has allocated 506 million USD to combat online fraud and has proposed changes to the existing regulatory framework.

➡️ In addition to increased compensation, it is proposed to introduce delays in some payments to give companies additional time to investigate potential fraud.

➡️ In the banking sector specifically, current compensation rates vary widely between banks: some commit to reimbursing over 90%, while others offer only 10%.

➡️ According to the UK Payment Systems Regulator (PSR), in 2022 alone, losses from fraudulent activities in the UK amounted to nearly 632 million USD. Criminals often operated through social networks, and the largest losses were related to investment schemes.

#news #Europe

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