By Paul O’Donoghue
Bim Afolami, the UK’s City Minister, has criticised plans which would require financial firms to pay out up to £415,000 to victims of authorised push payment (APP) fraud.
From October, banks and other payment firms must reimburse defrauded customers to a maximum of £415,000 in cases of APP, where people are tricked or manipulated into authorising a transaction to a fraudster.
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