Payments News
nbsp;

Risk & Fraud

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

nbsp;

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 […]
nbsp;

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 […]
nbsp; nbsp; nbsp; nbsp; nbsp; nbsp;

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 […]
nbsp;

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 […]