A mandatory 24-hour delay on all first-time payments from one bank account to an...
LONDON - A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, UK lawmakers said in a report on Friday.
With money transfers between accounts taking just seconds, customers or their bank have little time to be aware that a fraud has taken place, the report said. Banks have said the deadline presents IT challenges and that smaller banks won’t be included until later on, but lawmakers said the change should be introduced as a matter of urgency.
But lawmakers want the Financial Conduct Authority to set a “challenging” timeframe for banks to freeze accounts when there is evidence that money has been received fraudulently.
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