Scam victims risk losing life savings if long-term refund pot isn’t agreed with banks, experts warn

The Sun Finance 2 months ago

SCAM victims could lose their life savings if a long-term refund pot deal is not agreed soon with banks, consumer experts warn.

A voluntary code was launched by the banks in May. It made it easier for people tricked into transferring money directly to a fraudster to get their money back.

Scam victims may lose their life savings if a long-term refund pot isn’t agreed on soon by banks, experts warn

Victims previously lost large amounts because they had authorised the payment — so banks were not obliged to refund them.

A refund pot was agreed up until the end of this year but experts say time is running out to agree a long-term solution.

Which? and trade association UK Finance have written to payments body Pay.UK, urging it to approve a plan to ensure bank transfer fraud victims continue to get their money back in the “no blame scenario”.

Which? said the final decision sits with Pay.UK, “which now has the important task of either ensuring the favoured industry and consumer group proposal is agreed, or making a decision that risks blameless scam victims being left unprotected from January 1”.

UK Finance jointly wrote on behalf of HSBC, Santander, Barclays, Lloyds, Metro, Nationwide and RBS.

Which? said the plan — for banks to pay a small fee on some transfers to collectively fund the pot — was agreed after months of talks.

It would see a 2.9p levy applied to some types of faster payment. Losses to this type of scam — also known as authorised push payment — rose to £147million in the first six months of this year.




Source link
Read also:
CNN › Traveling › 2 months ago
"Refund! Refund! Refund!" was the refrain among passengers gathered in the atrium of Norwegian Spirit cruise ship earlier this week after operators canceled another port of call on the voyage's two-week European itinerary.
Business Insider › Finance › 3 days ago
The best savings accounts right now: Ally Bank: Best savings account overall BrioDirect: Best savings account for high APY Capital One: Best savings account for kids/teens Synchrony Bank: Best savings account for college students Barclays CD: Best...
The Sun › Finance › 1 month ago
A RETIRED cop has been fighting to get back £17,000 he lost to scammers – but banks refuse to refund the cash, despite promising to help more recent victims of fraud. Brett Garner, 62, from Cheshire lost a big chunk of his savings when he fell for a...
Business Insider › Finance › 1 week ago
After finding out how disappointing interest on a typical savings account can be, I switched to a high-yield savings account as I save for a down payment on my first home. While most savings accounts have an interest rate of about .01% today, high...
The Sun › Finance › 2 weeks ago
HUNDREDS of thousands of HSBC and Santander customers will be refunded for going into their unarranged overdrafts. It comes after the banks failed send text alerts to users to warn them before they dipped into the red. HSBC says it will refund a...
Business Insider › Lifestyle › 1 month ago
You can refund a payment on PayPal easily, so don't worry if a transaction seems to have gone wrong, as there's a painless re-do option. You can refund a payment up to 180 days after receiving it on PayPal. You can also issue partial refunds if you are...
Business Insider › Lifestyle › 1 month ago
You can refund a game purchased on Steam if you request the refund within two weeks of purchase, and have played the game for less than two hours total. When your game is refunded, it will be removed from your Steam library, and you'll receive the full...
Business Insider › Lifestyle › 1 month ago
If you want to get a refund on your PS4 for a PlayStation Store purchase, you can request one through the PlayStation website's chat support. The chat support bot asks a series of questions to help determine whether or not you qualify for a refund, and...
Forbes › Finance › 2 weeks ago
While the holidays can do some major damage to your household finances each year, many people look forward to receiving a tax refund that can “undo” some of that hurt. But getting a tax refund loan can do much more harm than good.
Business Insider › Finance › 3 months ago
Financial planners and savers alike are obsessed with high-yield savings accounts. High-yield savings accounts offer 2% interest or more (although rates are subject to change), while savings accounts at traditional banks can offer as little as 0.01%...
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR