Britain’s banks see fraud cases spike after refund rules take effect - Reuters
Britain’s banks see fraud cases spike after refund rules take effect Reuters
Coverage by Political Leaning
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Notable Quotes
"Given most APP fraud still starts via online tech platforms or via telecoms, we urgently need stronger, enforceable responsibilities to be placed on these sectors."
— Ruth Ray , Executive
"Dado que la mayor parte del fraude de pagos autorizados todavía comienza a través de plataformas tecnológicas en línea o mediante telecomunicaciones, necesitamos urgentemente que se impongan responsabilidades más estrictas y exigibles a estos sectores."
— Ruth Ray , Executive
"People who’ve been scammed aren’t just out of pocket, they are often left feeling worried and ashamed."
— Alex Neill , Activist
"Our assessment suggests that online fraud will become ever more sophisticated, supercharged by AI-powered impersonation, synthetic media and accessible fraud-as-a-service tools that are likely to ensure that identity fraud and account takeover remain major threats."
— Mike Haley , Executive
"We anticipate more use of AI to personalise attacks and build credible, long-term profiles – reinforcing the need for cross-sector collaboration to spot patterns earlier."
— Stephen Dalton , Executive
"being shown other people’s transactions"
— Martin Lewis , Celebrity
Key People
Co-founder and co-chief executive of the consumer rights organization Consumer Voice.
Appointed as CEO of Monzo following TS Anil's departure, previously a Google executive.
Janine Hirt is the chief executive of fintech lobby group Innovate Finance.
Martin Lewis is a UK personal finance expert known for his financial advice.
Mike Haley is the chief executive of Cifas, the UK's leading anti-fraud body.
Managing director of economic crime at UK Finance.
Stephen Dalton is the director of intelligence at Cifas.
Former CEO of Monzo who led the company for almost six years.
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<a href="https://news.google.com/rss/articles/CBMivAFBVV95cUxNRldJSWU1alAxWjlPWlRfd0ZOeGZZMFVvR3o2dWxLUDZORU9xUU11RldHYy1vS3RUVlNMa1g3TEpIVjhxNXFOOVYyaXowRlFxSTQxZGZqVERZUWx3bjdtZWNUcXoxUjNwa2dVWEoydDB0aWZEMHlwVEtHVXlrZUV4OUNHRHJIUmtJWkl6ZTFOR0xwVTktMFlaQXR2bGM1NS1yMVRFOWQwLWRabGE4VjlsZ05MbnplaDg0Y0JYMA?oc=5" target="_blank">Britain’s banks see fraud cases spike after refund rules take effect</a> <font color="#6f6f6f">Reuters</font>
Britain's banks have reported a significant increase in losses due to certain types of fraud since the implementation of refund rules in October 2024, prompting calls for government action against platforms like Meta where many cases originate.
Las entidades bancarias del Reino Unido han registrado el mayor incremento en las pérdidas por determinados tipos de fraude desde el auge de las estafas tecnológicas durante la pandemia, reavivando las peticiones de intervención gubernamental contra plataformas como Meta.
Monzo bank was found to have wrongly rejected 34% of fraud and scam complaints referred to the Financial Ombudsman Service last year, affecting thousands of victims seeking refunds.
The UK information regulator is investigating an IT glitch that allowed some customers of Lloyds, Halifax, and Bank of Scotland to view other users’ transactions when logging into their banking app.
Criminals are increasingly exploiting AI technology to take over people’s mobile, banking, and online shopping accounts, leading to a record number of fraud reports in the UK last year.
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