Payments News

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Regulation

UK Finance proposes payments tax to compensate fraud victims

“Banking lobby UK Finance has floated the idea of imposing a universal tax on funds transfers which banks could dip into to compensate victims of push payments fraud. Push payments fraud, which happens when businesses or individuals are conned into sending money to a fraudulent account to pay for goods or services, has become a political […]
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Global

Name checks to begin on bank payments

“The name of someone receiving a payment will be as important as their banking details for the first time from next summer, in an attempt to combat fraud. At present, anyone wanting to transfer money enters the intended recipient’s name, account number and sort code. However, the name is not checked. Under plans from the UK’s payments […]
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Risk & Fraud

Authorised Push Payment Scams – A new approach

“With UK Finance reporting a £92.9 million loss to consumers in the first half of 2018 as a result of Authorised Push Payment (APP) scams, the APP Scams Steering Group (the Steering Group) have published a draft voluntary code (the code). APP fraud is characterised by a transfer of funds executed across Faster Payments, CHAPS […]
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Regulation

New APP Scam Protection Code Comes Into Force

“Driven by the Payment Systems Regulator (PSR) and developed by consumer groups and the industry, the code offers more protection than ever before for those exploited by criminals. APP scams occur when consumers are tricked into making an authorised payment to a fraudster. From now on, participating banks will decide whether to reimburse the victim […]