by Jyotsna Bucktowar | Dec 17, 2024
The Payment Systems Regulator reveals that over half of APP scams exploited Meta platforms (Facebook, Instagram, WhatsApp), accounting for £62.7M in losses, with telecom fraud causing the highest losses (£107.2M). Investment scams, though fewer in number, resulted in...
by Jyotsna Bucktowar | Oct 14, 2024
Payment firms can “pause the clock” to gather more information, but must resolve cases within 35 business days. An optional £100 excess may apply, except for vulnerable consumers, and firms can opt for a lower or no excess. Firms can reimburse more than...
by Jyotsna Bucktowar | May 10, 2024
The new rules are proposed to go live on 7 Oct 2024, aligning with the Faster Payments reimbursement rules. The key points of the proposal include: the requirement for compensation expands to situations where the recipient is not the intended payee, or the payment was...
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