Reported about 1 month ago
The UK payments industry is urgently advocating for amendments to upcoming fraud reimbursement regulations, with a key recommendation to lower the maximum claim cap to £30,000, amidst regulatory changes and discussions among financial leaders. The Payments Association is pushing for adjustments to better coincide with the majority of fraud cases, while noting that authorized-push-payment fraud resulted in substantial losses last year. As the deadline for the new rules approaches, many firms still await onboarding onto the Pay.UK system, which is crucial for implementing the reimbursements.
Source: YAHOO