Banks given extra time to ‘break the spell’ of scammers before sending payments
by Vicky Shaw
Mar 12, 2024
2 minutes
Payment service providers such as banks will be given more time to contact customers, police and others when they have reasonable grounds to suspect fraud before they send a payment, under draft legislation published on Tuesday.
It will give providers a further 72 hours to investigate payments, but only where there are reasonable grounds to suspect fraud said.
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