Banks to gain new powers to freeze large payments for fraud checks

The new legislation allows UK banks to freeze payments for up to 4 days when there is reasonable suspicion of fraud, enhancing fraud prevention efforts.

"We believe that there are already sufficient steps in place for banks to identify unusual or suspicious activity on the accounts under their control." — Gareth Richards, Society of Licensed Conveyancers.

Bim Afolami described the measure as "another weapon in our arsenal to tackle fraud," reflecting the government's commitment to enhancing consumer protections.

These updated fraud prevention measures come as part of a broader effort to ensure victims of APP fraud receive reimbursements for their losses.

Read at Business Matters