By Huw Jones
British banks will be allowed to hold up payment transfers for an extra three days if they have grounds to suspect a customer is being scammed, the government said on Tuesday.
Regulators are cracking down on ‘authorised push payment’ fraud, when people are tricked into transferring money. Britain has seen rise in such scams, with victims losing 485 million pounds to them in 2022, the finance ministry said.
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