Major change affecting thousands of bank customers as fraud attacks rocket
manchestereveningnews.co.ukBank customers could soon be hit with a £100 charge as new fraud rules come into place next week. Under the proposed rules of the compensation scheme for victims of bank fraud, which is set to take place on October 7, banks will have the option to impose this excess fee.
While certain banks have flat-out refused, others are yet to decide their position on the matter. The scheme has already been under fire after the maximum compensation limit was successfully slashed from an initial £415,000 down to £85,000.
It's intended to shield countless Brits who've been conned by crooks masquerading as everyone from HMRC operatives to legal professionals and even the cops.
The key goal is to offer a safety net for the unwary when they're duped into making payments to fake accounts. Roughly 200,000 UK residents annually get caught out by what's termed Authorised Push Payment (APP) scams, facing combined staggering losses of around £460 million in 2023 alone.
Read more on manchestereveningnews.co.uk
