Prospective legislation published by the UK government this week will enable banks and other payment services providers to delay payments processing to investigate fraud. Set to be enacted by October 7, the law allows a delay of up to four business days if there are reasonable grounds to suspect fraud or dishonesty.
The draft proposals, announced during the Global Fraud Summit hosted by the UK home secretary, aim to help tackle authorised push payment fraud, where victims are tricked into sending money to fraudsters.
