Banks will reportedly be required to pay fraud victims less than originally proposed under new UK rules despite claims over scams having hit a six-year high.
Britain’s Payment Systems Regulator suggested last year banks would have to refund fraud victims up to £415,000 under a new regime due to come into force in October.
However, this limit is now expected to be slashed to £85,000, according to the Financial Times, following lobbying from the industry.
This comes as data from the Financial Ombudsman Service on Wednesday showed disputes in the UK over fraud and scams had hit a six-year high.
Some 8,734 complaints were lodged over such crimes between April and May, marking the highest total over a three month period since records began in 2018.
Almost half were upheld, with many said to be over fraud following customer-approved online bank transfers.
An announcement on the upcoming fraud repayment rules for banks is expected from the Payment Systems Regulator on Wednesday.