Fee Trips Up UK Banks In Talks On Helping Fraud Victims

Law360, London (November 15, 2019, 1:48 PM GMT) -- Banks in Britain have failed to reach a deal on how to compensate victims of scams in which customers are tricked into transferring money directly to fraudsters amid disagreements over a proposed transaction fee, an industry body said Friday.

Pay.UK said there is “no industry consensus” on a initiative in which banks would finance a central fund to reimburse victims of so-called authorized push payment fraud. The payment services provider pointed to the results of its own consultation, which it said showed “a number of unresolvable issues.”

Pay.UK said that, among wider concerns expressed by banks, was the fear that creating a shared,...

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