UK neobank Monzo trails behind the majority of other UK banks in refunding customers in cases of authorised push payment (APP) fraud in 2023, according to new data from the country’s Payments Services Regulator (PSR). The fresh figures come ahead of a change in UK regulations, which — as of October 7 — will see payment providers required to reimburse victims of APP fraud in claims up to £415k, apart from in limited exceptions.
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