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UK's FCA sets new rules for protection of authorized push-payment fraud victims

Victims of authorized push-payment fraud will have more power to issue complaints under new rules released Dec. 14.

The U.K.'s Financial Conduct Authority said victims of this type of fraud will be able to complain to the payment services provider receiving their payments and refer their complaints to the Financial Ombudsman Service.

The ombudsman will be able to look into the complaints if the customers are not happy with the outcome with their payment services provider.

Authorized push-payment, or APP, fraud takes place when a payer is tricked into making an authorized money transfer to an account controlled by a fraudster.

The new rules are effective Jan. 31, 2019.

Data from UK Finance show that there were 43,875 cases of APP fraud and total losses of £236 million in 2017.