App Fraud: New Banking Powers to Address Payment Security Issues

Wednesday, 11 September 2024, 08:40

App fraud continues to threaten banks and finance sectors, prompting new regulations. Banks will now be empowered to block significant payments for up to four days to enhance security. This initiative aims to protect consumers from fraudulent activities and bolster confidence in banking practices.
Telegraph
App Fraud: New Banking Powers to Address Payment Security Issues

New Regulatory Measures Against App Fraud

In light of rising app fraud incidents affecting the banking sector, regulations are evolving.

Significant Changes for Banks and Finance

  • Banks can now block large payments for up to four days.
  • New measures aim to enhance fraud prevention.
  • Improved consumer protection is a priority.

Potential Impact on Consumers

  1. This will help in identifying fraudulent transactions.
  2. Consumers may experience delays but increased security.
  3. Stronger measures intend to build trust in the banking system.

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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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