“The money stolen funds serious organised crime and victims often suffer emotional damage as fraud is a pernicious and manipulative crime,” Mr Donaldson said.
New regulations are set to come into force on 7 October this year, which will mean UK payment service providers must reimburse customers who fall victim to payment fraud. But there are some exceptions to this rule.
UK Finance said the change added urgency to the fight against fraud.
“With reimbursement rules set to change, we risk even more money getting into criminal hands, unless the technology and telecommunication sectors take [proper] action to stop the fraud that proliferates on their platforms and networks,” Mr Donaldson said.
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