BusinessPostCorner.com
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Warning as scam complaints hit six-year high

September 4, 2024
in Business
Reading Time: 2 mins read
A A
0
Warning as scam complaints hit six-year high
ShareShareShareShareShare

When criminals dupe their victims into sending them money by pretending to be a legitimate company, such as a law firm or a tradesman, or by selling goods that do not exist, this is known as authorised push payment fraud.

There is currently no requirement for banks to refund victims of this kind of fraud. Although many of them do so voluntarily, others are more reluctant.

The new mandatory rules set out by the regulator are scheduled to come into force on 7 October.

It is consulting on its scaled-back plans for two weeks, and will give a decision on the final maximum amount of compensation by the end of September.

The proposed threshold was brought down after objections from the financial industry that it could cause problems for smaller firms.

The proposed new cap would cover more than 99% of claims, the regulator said.

Out of more than 250,000 cases in 2023, there were 18 instances of people being scammed for more than £415,000, and 411 instances where they lost more than £85,000.

But Which? said it was “outrageous” that vital scam protections were being watered down weeks before they were due to take effect.

“This move follows months of lobbying from firms that refuse to take fraud seriously,” Rocio Concha from Which? said.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Work-life balance or work harder? Lessons from Google’s AI story

Next Post

What the best companies are doing to close the gender pay gap

Next Post
What the best companies are doing to close the gender pay gap

What the best companies are doing to close the gender pay gap

Panama City Proposes Bitcoin Payments for Priority Passage Through Panama Canal

Panama City Proposes Bitcoin Payments for Priority Passage Through Panama Canal

May 30, 2025
KFC to create 7,000 jobs in UK and Irish growth plan

KFC to create 7,000 jobs in UK and Irish growth plan

May 27, 2025
Glastonbury farmer ‘makes more money from weddings than farming’

Glastonbury farmer ‘makes more money from weddings than farming’

May 27, 2025
What will it look like for orgs?

What will it look like for orgs?

May 30, 2025
King Charles to walk diplomatic high wire with Ottawa speech

King Charles to walk diplomatic high wire with Ottawa speech

May 25, 2025
High school students are totally behind and addicted to their phones—it’s making teachers crazy and driving them to quit

High school students are totally behind and addicted to their phones—it’s making teachers crazy and driving them to quit

May 25, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Tough choices unavoidable, says IFS

Tough choices unavoidable, says IFS

May 31, 2025
Elon Musk’s court fights to outlast his time at White House

Elon Musk’s court fights to outlast his time at White House

May 31, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!