..........victims amid fears they want to stop paying out for purchase fraud

• Consumers are supposed to be reimbursed if they are victims of shopping fraud
• Banks do not feel they should be on the hook for these scams
• The watchdog which oversees the refund code said watering down any protection measures 'could expose customers to significant financial risk'

Banks have been warned against watering down fraud protections for consumers amid fears they want to stop refunding those who fall victim to common online shopping scams. The watchdog which oversees an industry code stating fraud victims should be refunded if they are scammed told This is Money removing 'any of the protection measures around authorised push payment scams could expose customers to significant financial risk, in addition to the emotional distress that so often comes with victims' personal experiences of fraud'. The Lending Standards Board added how much money victims lost in a scam 'should not be a metric when determining whether customers are reimbursed', amid reported concerns among banks that paying back victims of online shopping fraud was not what the anti-fraud code, introduced in May 2019 and signed by nine banks, was designed for.

Source: This is Money