UK Banks Now Have Up to Four Days to Check Payments for Scams [BNN Bloomberg (Canada)]
NatWest Group plc American Depositary Shares (NWG)
Company Research
Source: BNN Bloomberg
For now, lenders must process payments by the end of the following business day. Under the new proposed laws, they'll be given an extra 72 hours to investigate if there are “reasonable grounds” to suspect a payment is dodgy, according to a statement. “This could allow payment service providers time to get in touch with customers and give them the advice and support they need to avoid being coerced by the criminals who want to steal their money,” Ben Donaldson, managing director of economic crime for the industry group UK Finance, said in the statement. It's the latest sign that policymakers are looking to limit the impact from the global surge in so-called authorized push payment fraud, in which criminals trick people into sending money to an account outside their control. In the UK alone, millions of consumers have been dogged by scammers using these tactics, with losses mounting to £460 million last year, according to UK Finance. This summer has been particularly bad, with le
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NWG
Sec Filings
- 11/21/24 - Form 6-K
- 11/19/24 - Form 6-K
- 11/18/24 - Form 6-K
- NWG's page on the SEC website