Finance
UK Banks Now Have Up to Four Days to Check for Scam Payments
- Some bank transfers could take longer under new proposed laws
- Rules a welcome reprieve for banks dealing with surge in fraud
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The UK government will give banks more time to investigate payments they suspect are fraudulent in a welcome reprieve for lenders as they prepare for new rules that will require them to reimburse many customers that fall victim to scams.
For now, lenders must process payments by the end of the following business day. Under the new proposed laws, they’ll be given an extra 72 hours to investigate if there are “reasonable grounds” to suspect a payment is dodgy, according to a statement.