Britain's Payment Systems Regulator on Wednesday confirmed new requirements for banks and payment firms to ensure more victims than ever before of authorised push payment (APP) fraud will get their money back.

The watchdog has set out mandatory reimbursements in cases of APP fraud when consumers or individuals at a business send money under false pretences to a bank account controlled by fraudsters. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Savio D'Souza)