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Urgent Must Know – UK banks must refund victims of fraud within 5 days!

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Post: Urgent Must Know – UK banks must refund victims of fraud within 5 days!

⚠️ FRAUD REFUND RULES — IMPORTANT CHANGES COMING

Jump to the details: New Rules Cap Update Key Stats #Facts

💥 New Rules from 7 October

From 7 October, new Payment Systems Regulator (PSR) rules mean that in most cases, banks and other payment providers will need to refund victims of authorised push payment (APP) fraud within five working days, up to a maximum of £85,000. Previously, refunds for this type of fraud were voluntary and could vary between providers. These changes aim to make the process faster, clearer, and more consistent.

💸 Refund Cap Update

The refund cap, originally proposed at £415,000, has been set at £85,000. According to the PSR, this will cover around 99% of cases. For cases involving more than one bank or payment provider, the rules allow costs to be shared between them, helping to make sure victims are reimbursed more efficiently.

📈 APP Fraud in Numbers

In 2023, there were 232,429 cases of APP fraud reported in the UK, with total losses of £459.7 million (source: UK Finance). The new refund requirements are intended to help protect more consumers, but it’s still important to remain vigilant and take steps to protect yourself from scams.

🔗 #StayInformed

#UKFraudRefunds #BankingRules #FraudProtection #APPFraud #ScamAwareness #PSR #ConsumerRights #FinancialSafety #OctoberUpdate #MoneyProtection

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