Finance
UK’s Big Plan to Deter Online Payment Scams Risks Misfiring
- New regime for scam-victim refunds to roll out on Oct. 7
- Critics say firms aren’t fully prepared, warn of more frauds
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Hundreds of financial firms are struggling to comply with a new UK regime designed to rein in online payment scams before an Oct. 7 deadline after one of the worst summers for fraud.
The incoming rules from the Payment Systems Regulator require all British banks, fintechs, and payment companies to refund fraud victims within five days. But many firms aren’t prepared for a key system underpinning the settlement framework, people familiar with the matter said.