[Re: Zahawi to outline plan to change EU’s City rules, July 18]
The Financial Services and Markets Bill is a welcome step to help Authorised Push Payment (APP) fraud victims. But the onus on reimbursing fraud victims cannot be placed solely on banks. This fraud doesn’t happen in siloes. Other actors need to be incentivised to do their part.
As a collective industry, we must relook at scam activity and ask, where is it first taking place? On social media, through the telecom industry, via email or even post? We must understand how other players should also change the way they conduct business to make it harder for scammers to succeed.
Banks must think of new ways to properly monitor incoming transactions. However it should not all be down to the banks to reimburse victims. Especially if they can show they have warned and informed consumers.
Until we have properly investigated every actor involved in enabling and allowing this fraud to succeed, only holding banks responsible is an injustice in itself.