New measures aim to ‘break the spell’ of fraudsters

    Simpson Wood
    26th April 2024
    Home » Categories » Business » New measures aim to ‘break the spell’ of fraudsters

    New measures aim to ‘break the spell’ of financial fraudsters by giving payment providers more time, according to draft legislation published by the government.

    Until now, payment service providers such as banks have generally been required to process payments by the end of the following business day, giving a limited timeline to investigate and alert relevant parties to possible fraud.

    The draft legislation will give payment service providers a further 72 hours to investigate payments, but only where there are reasonable grounds to suspect fraud or dishonesty. The legislation has been designed to minimise any impact on legitimate payments.

    The UK has seen an increase in authorised push payment fraud over the past few years – in 2022 victims lost £485 million to these scams.

    Economic Secretary to the Treasury, Bim Afolami, said:

    ‘Fraudsters spin whole webs of lies and fabricate all sorts of things to convince people to send them money – this legislation will give banks, other payment service providers and law enforcement more time to get in touch with victims and break the fraudster’s spell before money is sent.

    ‘The government is absolutely committed to tackling fraud and recognises the impact of this devastating crime on victims – this legislation is another tool in our arsenal to fight fraud.’

    Internet link: HM Treasury press release

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    UK borrowing reduces Chancellor’s wiggle room

    Higher than expected government borrowing has reduced the Chancellor’s ‘wiggle room’ at a pre-election Budget. Government borrowing – the difference between spending and tax income – was £120.7 billion in the year…

    HMRC clarifies tax rules for WFH commuting

    HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home. The tax authority is responding to the growth of flexible or…

    MTD for Income Tax pilot now live

    HMRC’s pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live. Accountants, agents and individuals are able to sign up to the pilot…