Payments News
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Risk

Britain’s Digital Payments Have Gotten Too Fast

“Unlike debit and credit card networks, which have certain types of fraud protection , consumers have had little recourse from scams involving bank-to-bank transactions. More than £600 million ($772 million) was stolen through scams, including unauthorized card fraud, in Britain during the first six-months of the year, according to trade association UK Finance .”

On The Web

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Risk

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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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

Number of Bank Transfer Scams in UK Rises by 40% in a Year

“The amount of money stolen by criminals through bank transfer scams has risen by 40% in a year and is running at more than £1m a day, according to official UK data. Scammers stole £616m from UK bank customers during the first six months of 2019, according to banking body UK Finance . Of this […]
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Risk

Pay.UK Knocks Back Faster Payments Fees to Cover APP Fraud

“Proposals by seven UK banks to levy a per transaction fee for for certain Faster Payment transactions as a means to provide a long-term, sustainable funding arrangement for the reimbursement of APP scam victims, have been knocked back by governing body Pay.UK following an industry-wide consultation.”
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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 […]