UK proposes new laws to provide banks with more fraud protection

Key proposals include:

• An 72-hour increase in the time that banks can delay payments to four days where there are reasonable grounds to suspect a payment is fraudulent and more time is needed for the bank to investigate
• Banks who have reasonable grounds to suspect a payment is fraudulent will need to inform customers when a payment is being delayed and explain what the customer needs to do in order to unblock the payment. 
• Banks will also be required to compensate customers for any interest or late payment fees they incur because of delays.

✅ Learn more about Plenitude’s Fraud Practice and how we are helping clients combat fraud while reducing losses and operational costs.

https://www.plenitudeconsulting.com/services/fraud-practice