UK banks given extra three days to delay payments in effort to beat scams

High street banks handed new powers by the Treasury to delay and investigate payments suspected of being fraudulent

Bank payments can be delayed by an extra three days if lenders suspect consumers are being scammed, as part of a crackdown on booming levels of digital fraud in Britain.

Under changes designed to protect consumers against online scams, high street banks are to be handed new powers by the Treasury to delay and investigate payments suspected of being fraudulent.