Banks fail in bid to share cost of refunding scam victims
Negotiations between banks to create a permanent, central pot of money to refund scam victims have collapsed. …
Katy Worobec, managing director of economic crime at UK Finance, said: “The interim funding pot was originally set up because we had asked that government and regulators work with industry to find a long-term solution to funding of ‘no blame’ cases, involving other sectors like online platforms, which are used by criminals to perpetrate the fraud, contributing to reimbursing the customer. Sadly, that is yet to happen.”
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