FROM 7TH OCTOBER: UK banks must refund fraud victims up to £85,000 within five days under new rules. Refunds become mandatory from 7th October.

Full story here on BBC News.

UK banks must refund fraud victims up to £85,000 within five days under new rules.

Most High Street banks and payment companies voluntarily compensate customers who are tricked into sending money to scammers.

But in a world first, these refunds will become mandatory from 7 October, the Payment Systems Regulator (PSR) has announced.