More assistance for victims of fraudsters
PEOPLE tricked into transferring money to a fraudster could soon find it easier to make a complaint in cases where they believe the bank receiving the money did not do enough to prevent it.
The Financial Conduct Authority (FCA) has proposed changes to complaint handling rules to help victims of the scam, known as authorised push payment (APP) fraud.
APP fraud happens when a fraudster tricks someone into instructing their bank to send money from their account to an account controlled by the scammer.
UK Finance data shows there were 43,875 cases and total losses of £236 million in 2017.
The FCA is proposing to change the rules to allow those eligible to be able to take complaints to the Financial Ombudsman Service.