The U.K.’s payments regulator wants banks to reimburse victims of authorized push payment (APP) fraud. In light of a 40% increase in APP fraud in 2021, regulators in the country have been considering how to grant victims a right to compensation from their bank. Accordingly,...
As it currently stands, the proposed Financial Services and Markets Bill in the U.K. will give the Treasury and Financial Conduct Authority (FCA) a new mandate to protect access to cash services across the country. The new legislation is deemed important because bank branches and...
Banks in the U.K. will have to make good on the money their customers lose from the biggest type of payment fraud in Britain under a proposal by the Payment System Regulator (PSR). In the PSR’s latest consultation, wider protections from Authorised Push Payment (APP) scam losses are...
March 16, 2023
Much has been said about the potential new technologies like artificial intelligence (AI) and machine learning have in transforming fraud detection and fraud prevention across industries. But according to UK Finance’s Katy Worobec, managing director, economic crime, and Dianne Doodnath, principal, economic crime – remote payment channels, the jury is still out on the full […]
February 06, 2023
The U.K.’s payments regulator wants banks to reimburse victims of authorized push payment (APP) fraud. In light of a 40% increase in APP fraud in 2021, regulators in the country have been considering how to grant victims a right to compensation from their bank. Accordingly, in September, the U.K.’s Payment Systems Regulator (PSR) proposed a […]
September 29, 2022
Banks in the U.K. will have to make good on the money their customers lose from the biggest type of payment fraud in Britain under a proposal by the Payment System...
