🆕 blog! “How much money do banks owe you if you're scammed?”
There's currently an open consultation about whether banks should have a lower compensation limit to refund their customers who have been scammed. Currently, if a customer falls for an Authorised Push Payment (APP) scam, they may be eligible for up to £415,000 back from their bank. The proposal is to limit thi…
👀 Read more: https://shkspr.mobi/blog/2024/09/how-much-money-do-banks-owe-you-if-youre-scammed/
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#banking #money
@Edent Banks had to be dragged kicking and screaming to do the most basic confirmation of payee checks. With investment, they should be able to notice patterns and chase where the money went, which individuals can't. But unless it impacts profits (and therefore the CEO salary), the banks will do nothing.
@Edent Just a knee-jerk reaction from realising that filling in the payee field gave me no protection before 2020 - it could've been done so many years earlier. I'm probably too harsh - reading that directive it sounds like banks were pretty happy to do it
@h2g2bob
When you say "kicking and screaming" - are you basing that on anything other than vibes?
Because my reading of Specific Direction 10 is very different.