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READ MOREUK plans to reimburse scam victims 'fundamentally flawed,' lawmakers say
Proposals to reimburse hundreds of millions of pounds to scam victims in Britain are "fundamentally flawed" and are taking too long to come into force, lawmakers said in a report published on Monday.
Banks will have to refund within 48 hours customers tricked into sending money to fraudsters under plans drawn up by watchdog the Payment Systems Regulator (PSR) unveiled in September.
So-called "authorised push payment" scams have become Britain's largest type of payment fraud and cost customers 583 million pounds ($715 million) in 2021.
Lawmakers on Britain's powerful Treasury Select Committee criticised the plans and said mandatory reimbursements should begin this year at the latest, and not as late as 2024.
The PSR's proposal for Pay.UK - which operates Britain's faster payments system - to handle reimbursements would lead to "inherent conflict of interest" as it is guaranteed by the financial services industry, the committee added.
Read more at Reuters
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