PETALING JAYA: On Oct 7, the United Kingdom rolled out major new protections for victims of Authorised Push Payment (APP) scams, a form of fraud that can undermine consumers’ trust in digital payments.
APP fraud occurs when individuals are duped into transferring money directly to a scammer, often resulting in financial losses and distress for victims.Under the new regulations, all payment firms – including high street banks, building societies and smaller fintech companies must follow stringent reimbursement policies.
