UK Banks Now Have Up to Four Days to Check for Scam Payments (1)

The UK government will give banks more time to investigate payments they suspect are fraudulentin a welcome reprieve for lenders as they prepare for new rules that will require them to reimburse many customers that fall victim to scams.

For now, lenders must process payments by the end of the following business day. Under the new proposed laws, they’ll be given an extra 72 hours to investigate if there are “reasonable grounds” to suspect a payment is dodgy, according to a statement.

“This could allow payment service providers time to get in touch with customers and give them the ...