Emeritus Prof Christopher May on Nostr: Well, well, well, the proposed ceiling of a new mandatory duty on banks to repay ...

Well, well, well, the proposed ceiling of a new mandatory duty on banks to repay loses due to fraud has been reduced from £415k to £85k after banks & Ministers lobbied (pretty hard it seems) to get the Payment Systems Regulator to reduce the amount less than five weeks before the regime is put in place.

So not only will banks not take fraud seriously (whatever they claim), they also want to reduce their exposure due to loses they seem unable/unwiling to control.

#banking #fraud

h/t FT