Mandatory refund of up to £85k for APP fraud

Olinda99

Looks like all banks will, from 7 Oct, have to repay customers up to £85k max for APP fraud within 5 days

But in a 'game changer' they will be able to reclaim half back from the receiving organisation

boingy

That's the upside. The downside for all of us that both the sending and receiving banks are going to get even more fanatical about blocking payments. We'll end up not being allowed to transfer anything anywhere "for our own safety". 

Shakin_Steve

It was originally going to be £415,000, a ridiculous amount of money. Sounds like a fraudster's dream to me, and we'll all end up paying for it.

Theleak250

In my opinion the limit should be 25k or the maximum amount someone can transfer cash out via a banking app. Any payment larger than that requires a bank to approve it in most cases, and they already check with the customer that the payment is legit. If the customer is being foolish, I am very sorry but we should not all pay for that. 

Obviously if the bank fails to perform checks with the customer it is a different story. 

I note on the itv news report, the guy from the banks stayed 99% of such frauds are under 85k.

HillStreetBlues

Refunds will be split 50-50 between sending and receiving firms

Sending bank hold on to money in case of fraud, jump though hoops to get it released  hits receiving bank,  holds on to money in case of fraud, jump though hoops to get it released. Repeat.

hoc

Could this be a scam? Are you sure? Did someone ask you to transfer? Are you certain you want to transfer? Stop think it could be a scam? Why do you want to transfer?

M25

No personal responsibility at all, then? A crazy route to go down.

How will stupid people learn?

poshrule_uk

M25 said:

No personal responsibility at all, then? A crazy route to go down.

How will stupid people learn?

Is someone's with dementia stupid?

Nasqueron

poshrule_uk said:

M25 said:

No personal responsibility at all, then? A crazy route to go down.

How will stupid people learn?

Is someone's with dementia stupid?

Someone with dementia should have a relative or carer with power of attorney to stop any sort of financial mistakes

Barkin

Nasqueron said:

poshrule_uk said:

M25 said:

No personal responsibility at all, then? A crazy route to go down.

How will stupid people learn?

Is someone's with dementia stupid?

Someone with dementia should have a relative or carer with power of attorney to stop any sort of financial mistakes

Having a PoA is no guarantee that mistakes won't be made, and dementia isn't always obvious - it's not a case of being fine one day, then waking up the next with dementia. 

Nasqueron

Barkin said:

Nasqueron said:

poshrule_uk said:

M25 said:

No personal responsibility at all, then? A crazy route to go down.

How will stupid people learn?

Is someone's with dementia stupid?

Someone with dementia should have a relative or carer with power of attorney to stop any sort of financial mistakes

Having a PoA is no guarantee that mistakes won't be made, and dementia isn't always obvious - it's not a case of being fine one day, then waking up the next with dementia. 

The person I replied to specifically stated someone with dementia e.g. diagnosed - and dealing with fraud is obviously easier if someone is diagnosed and bank knows to be extra careful