Direct Debit Fraud

opinions4u

Fraud refunds are also covered by section 5.1.11 of BCOBS regulations.

(2)!Where a payment from a banking customer's account was not authorised by the banking customer, a firm must, within a reasonable period, refund the amount of the unauthorised payment to the banking customer and, where applicable, restore the banking customer's account to the state it would have been in had the unauthorised payment not taken place.

dalesrider

mulronie wrote: »

Your interpretation of "immediately" is not in line with how a judge would interpret it under common law, nor in fact in line with the spirit of the law. In fact in their guidance on transposition of PSD, the European Commission advised "refund claims relating to unauthorised transactions should be treated on a case-by-case basis and that where there is a suspicion of fraud, payment service providers should have sufficient time to investigate the case"

Well my advised interpretation is as FSA/FOS have advised the banks.

Not sure PSD has ever been put before a judge, or ever will be. Would be a very brave/foolish bank that would go against advised policy.

ALL banks have been told how to implement PSD by their legal departments after long referal to the FSA/FOS. As the UK is part of the EU. It is a ruling that has untill otherwise tested legal standing.

I believe a 5K fine is standard on any case that goes forward for failure to abide by PSD. And that also stands for not login the payment as such on their systems.

Mrs_Ryan

I have a cash card account with Barclays and last time I checked my card was very much a Visa Debit.

spendaholic66

I changed my account rather than open a new account with natwest years ago when I was subject to a legitimate fraud on my account. I received a new debit card, cheque and paying in book, but nothing about my account changed. I didn't need to transfer any money to a new account or anything. The account was just the same with a different number.