Bank transfers could be delayed for four days to investigate fraud

Published On Oct 2, 2024, 7:02 PM

Banks in the UK will now have the authority to put a hold on certain transactions for up to four days to investigate potential fraud. This change is designed to combat the rising issue of fraud, which makes up a significant portion of crimes in the UK. Previously, banks had to process transactions by the end of the next business day but will now have additional time to investigate any suspicious activities. The regulations aim to strike a balance between fraud prevention and customer convenience, with banks required to inform customers when payments are delayed.

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The delay in bank transactions may increase customer dissatisfaction and could negatively impact banks that rely on quick payment services, potentially affecting their stock prices. However, long-term, banks may benefit from reduced fraud incidents, strengthening consumer trust. Financial technology companies that offer alternatives to traditional banking might gain traction as customers look for faster services.

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