Push payment fraud victims to get most of their money back

Featured in The Financial Times



According to Kathryn Westmore, senior research fellow for financial crime at the Royal United Services Institute, providers have to consider the time and resources it would take to investigate a case, draw up legal documents, draft responses and present its conclusions. "My personal view is that for the majority of fraud cases [banks] won't contest, because the cost of potentially going to the FOS, particularly for small amounts like £1,000 or so, is just not worth it," said Westmore.