Financial Leaders Back Labour Plan to Force Tech Firms to Share APP Fraud Reimbursement Burden

The UK Labour Party is reportedly planning to compel tech companies to contribute to reimbursing victims of authorised push payment (APP) fraud. Financial leaders largely support the Labour Party, with 56% of them seeing a Labour victory as beneficial for their business. Critics of the current reimbursement system argue tech firms lack incentive to combat fraud. The proposed Labour policy could reshape responsibilities, driving tech firms to take a more active role in fraud prevention. Losses from APP fraud totalled £459.7 million, impacting both individuals and businesses. The approach suggests that only through collective responsibility and industry collaboration can APP fraud be effectively tackled. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: The Fintech Times