Banks MUST now refund some scam victims

Minkey1975

I've read that banks must now pay customers back who have been scammed online etc.

Where do we stand with money sending services like Western Union, Wise ....etc?

Thanks

eskbanker

The scope is:

• All types of payment firms, including bigger high street banks but also smaller payment firms, building societies, and e-money firms, among others, will be brought into the new reimbursement arrangements. Through our measures, these firms will be incentivised to stop fraud from happening in the first place – including, for the first time, those firms on the receiving end that bank the fraudsters. The arrangements don’t include credit unions, municipal banks and national savings banks.
• These measures apply to UK bank transfers – so when money is moved from one UK bank account to another over the Faster Payments system or CHAPS. Other payment types, including card, cash, and cheque have their own protections in place.

https://www.psr.org.uk/information-for-consumers/our-new-app-fraud-reimbursement-protections/

Wise explains its process here: https://wise.com/help/articles/4m2bYv3eZSDDO84CpBs0Ux/i-was-scammed-out-of-gbp-from-my-wise-account