The clearance of payments considered to be risky should be slowed down to tackle the “epidemic” of fraud, says Nationwide’s economic crime director.
Stuart Skinner said there should be more “friction” in the payments system to prevent money getting into fraudsters’ hands.
The move would require an overhaul of the UK’s payments system which is designed for customer convenience.
His comments come as Nationwide launches a new fraud checking hotline.
The building society said it had seen fraud rise broadly in line with the average across the sector. The latest figures, published last week, revealed that total fraud losses were up 30% in the first half of the year, compared with the same period in 2020.
Fraudsters are stealing more than £4m every day on average in the UK.
Fraud committed when individuals are tricked into handing over money and personal details surged by 71% compared with the first six months of last…