Many countries require refunds

SCAMS: UK, SINGAPORE LEGISLATE COMPENSATION

- Ina Opperman

If you are scammed into accessing your bank account and transferring money in countries such as the UK and Singapore, your bank must refund you according to law.

In the UK, according to Reuters, the mandatory refund requirement for authorised push payment fraud was implemented on 7 October 2024. Push payment fraud happens when a scammer convinces you to authorise a payment under false pretences.

The new rules will require UK payment service providers to reimburse all in-scope customers who fall victim to authorised push payment fraud, with limited exceptions.

The UK had 207,372 reported incidents of push payment fraud in 2022.