Banks will be able to freeze payments for up to four days under new rules to prevent fraud, that’s up from the 24 hours banks currently have to investigate. The move comes ahead of the implementation of new rules to reimburse all victims of “Authorised Push Payment” APP fraud from October. However, lawyers warn that the change could cause chaos for home movers. Gareth Richards, of the Society of Licensed Conveyancers, said there are already sufficient steps in place for banks to identify unusual or suspicious activity.
Banks will be able to block large payments for up to four days
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