UK reportedly poised to slash amount banks must refund to fraud victims

https://www.theguardian.com/business/article/2024/sep/03/uk-reportedly-poised-to-slash-amount-banks-must-refund-to-victims

Posted by heslooooooo

7 Comments

  1. I work at a bank so I might be biased. But when will SM companies be billed for facilitating these scams, the email providers for not filtering the phishing emails etc?

  2. There is clearly a balance that needs to be reached. It’s not reasonable for banks to be responsible for all scams, especially when they do put in processes in place to prevent them. It’s also not reasonable for banks to not be responsible for any scams, especially when they know about a customers vulnerabilities.

    > the maximum level of reimbursement per claim will be set at £415,000

    This seems more than fair IMO, provided it increases with inflation. Also assuming isn’t a blanket liability cap, ie, if the bank was shown to have been negligent or reckless then they remain on the hook for the full amount.

  3. TulipTattsyrup99 on

    People should take responsibility for their own stupidity. Most scams are as clear as the nose on your face.