'No industry consensus' on refunds for bank transfer scam victims

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The payments industry agrees finding a deal is an 'absolute priority' as it is suggested regulators may have to force the issue.

Payment providers have failed to reach a deal on how to refund blameless victims of bank transfer scams, according to an industry body.

Pay.UK announced there was currently"no industry consensus" on the financing of a central fund to reimburse those who lost out in so-called authorised push payment fraud. This is when a person or business is tricked into transferring money directly into a fraudster's bank account, often because the criminal is posing as a legitimate organisation such as a bank, the taxman or police.was established by banks in May following complaints - led by the consumer group Which? - over their refusal to compensate those who lost out through no fault of their own.

Pay.UK said that among the banks' wider concerns was that creating a shared, central fund could also dampen individual incentives to invest in fraud controls.

 

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