Banks fail in bid to share cost of refunding scam victims
BBC News, 30 April 2021
Negotiations between banks to create a permanent, central pot of money to refund scam victims have collapsed.
Seven banks and building societies had signed up to an interim, shared arrangement, but will now pay for refunds individually. The pot was being used to fund repayments when neither the bank nor customer were to blame for fraudsters stealing money.
An ongoing code means victims should not lose out on refunds.
Fraud epidemic ‘is now national security threat’
In so-called authorised push payment scams, victims are often duped into transferring money to a fraudster in the belief they are a legitimate trader or service. Thousands of people become victims each year, and millions of pounds are stolen.
