UK Convenes Fintechs Lamenting Refund Plan for Fraud Victims
- Minister talked rules with Revolut, Wise, ClearBank and others
- Treasury wants watchdog to engage with industry’s concerns
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UK Economic Secretary to the Treasury Bim Afolami met with executives from companies including Revolut, Wise Plc and ClearBank on Tuesday to hear industry concerns over new fraud refund rules, according to people familiar with the matter.
The Payment Systems Regulator is trying to combat the surge in authorized push payment fraud, which tricks customers into moving their money to accounts controlled by criminals. From October, payment providers will be forced to refund as much as £415,000 ($527,340) to victims of scams.