Money Box

Fraud Crackdown and Is Cash King?

Jun 14, 2025
Dive into the escalation of fraud cases with insights on new banking regulations aimed at protecting victims. Hear about the remarkable increase in reimbursement rates for fraud victims and the cautious optimism surrounding investments by major pension funds in the UK. Explore the ongoing debate about reliance on digital banking versus the necessity of holding cash for emergencies. Finally, discover why cash still plays a critical role in budgeting and financial security, even in an increasingly digital world.
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INSIGHT

Push Payment Fraud Reimbursements Rise

  • New rules require banks to refund victims of push payment fraud, boosting reimbursement to 86% from 68%.
  • Claims are now settled faster, with 84% within five working days, improving victim support.
ANECDOTE

Victim Denied Refund After Scam

  • Zara lost over £60,000 from a sophisticated scam but was refused reimbursement despite new rules.
  • She felt abandoned by her bank and payment provider, highlighting gaps in protection.
INSIGHT

Limits Affect Some Reimbursements

  • Around 99% of claims by number are reimbursed but some high-value cases above £85,000 are excluded.
  • Victims can escalate disputes to the Financial Ombudsman if banks refuse repayment under 'customer standard of caution'.
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