UK regulator introducing mandatory compensation for "authorised push payment" fraud victims

[jasonuk]

From the BBC:

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UK banks must refund fraud victims up to £85,000 within five days under new rules.

Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.

But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced.

Unfortunately the summary is somewhat misleading, because it appears to only apply to authorised push payments (APPs) - that is, where people have been tricked into initiating a bank transfer (faster payment or CHAPS) to another party - and also excludes international payments and cryptocurrency.

Given the volume of chargeback and card fraud threads we see (and of course casino reps who have to deal with it on a daily basis), it'll be of passing interest to the gambling community as well.

While I don't think it has any direct relevance at this point, I can think of two indirect scenarios:

• banks are forced to invest more in their fraud detection and prevention systems - if that spreads to card payments and catches payment fraud from rogue casinos faster, that can only be a positive.
• rogue casinos start using bank payments and inferring a "guarantee" that doesn't exist (because it excludes international payments and/or cryptocurrency).

 

[justdoit]

Amazon started dealing like eBay now, if the seller doesn't send the item you need to wait weeks to get a refund, for a week I was massaging the seller to refund me, but they kept refusing, in the end, Amazon they said you need to wait 10 days for a refund, Amazon, not a safe place anymore to Shop, in the end, I did charger back from Revolut less then 30sec I got my refund