– Banks will have to reimburse customers tricked into sending money in a type of online scam that has become Britain's largest type of payment fraud, the Payment Systems Regulator proposed on Thursday.
The maximum claim would be a million pounds per payment, though many banks have lower limits. The time limit on claims would be no less than 13 months. The bank from which the money was sent and the bank of the fraudster would split the reimbursement bill, the PSR said. Processing costs and fees charged to customers cannot exceed 35 pounds.
Some of the banks that would be affected by the new rule include HSBC, Natwest Group, Lloyds, Barclays, Banco Santander and Virgin Money.
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