For the banks mulling when they’ll connect to real-time payment rails — and for those already connected in order for instant payments to be received, but not sent — fraud remains the big issue. At this writing, at least in the U.S., interest is high...
This week marks a major change in how U.K. banks and payment firms address fraud. Beginning Monday (Oct. 7), these organizations will be required to reimburse the victims of authorized push payments (APP) up to £85,000 ($111,000). Great Britain’s Payment Systems Regulator (PSR) had called...
U.K. FinTech Revolut has reportedly criticized Meta’s approach to combating financial fraud. As CNBC reported Thursday (Oct. 3), Revolut argues that the Facebook owner should be the one to provide compensation when scammers prey upon its users. This comes one day after Meta announced it was working with British banks MetroBank...
British lenders are reportedly divided over whether to charge scam victims under new fraud reimbursement rules. Beginning Oct. 7, banks in the U.K. will be required to reimburse customers who fall victim to authorized push payment (APP) fraud for sums of up to 85,000 pounds. But...
May 24, 2024
Today’s rapidly evolving payments and financial landscape brings with it both challenges and opportunities. And the challenges and opportunities center around effective authentication, as the need for advanced security measures to keep pace with the evolving payment methods and fraud tactics becomes an imperative. That’s what Gerhard Oosthuizen, chief technology officer at Entersekt, told PYMNTS for the “What’s […]
March 21, 2024
It’s often said that history repeats itself. It’s hard to look at the current state of play regarding instant, or real-time, payments in the EU and U.K. right now and...
March 13, 2024
The world’s cybercriminals all share one thing in common: they understand people can be exploited. After all, people make mistakes. They fall for scams, and frequently either ignore or fail...
March 12, 2024
When it comes to innovation, the United Kingdom can find itself on a literal island. And the kingdom’s latest regulatory push, one that is targeting authorized push payment (APP) fraud,...
October 06, 2024
This week marks a major change in how U.K. banks and payment firms address fraud. Beginning Monday (Oct. 7), these organizations will be required to reimburse the victims of authorized push payments (APP) up to £85,000 ($111,000). Great Britain’s Payment Systems Regulator (PSR) had called for the reimbursement rules following a surge in APP fraud, […]
October 03, 2024
U.K. FinTech Revolut has reportedly criticized Meta’s approach to combating financial fraud. As CNBC reported Thursday (Oct. 3), Revolut argues that the Facebook owner should be the one to provide compensation when scammers prey upon its...
September 30, 2024
British lenders are reportedly divided over whether to charge scam victims under new fraud reimbursement rules. Beginning Oct. 7, banks in the U.K. will be required to reimburse customers who...
September 24, 2024
British banking giant HSBC wants the tech industry’s help with new fraud reimbursement rules. The bank said the regulations expected to go into effect next month will not prevent fraud,...
