PSR lowers maximum for fraud payouts

The finance sector has welcomed a move by the Payment Systems Regulator (PSR) to lower the maximum for fraud payouts by banks from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. Now industry group UK Finance has called for authorities to go further and require other sectors, such as social media companies, to take responsibility for the fraud that originates on their services. Meanwhile, consumer groups are furious accusing the PSR of caving in to lobbying from payment firms and ministers.