A British treasury official has reportedly criticized proposed fraud reimbursement measures for banks and FinTechs. The plan would require those companies to repay fraud victims as much as 415,000 pounds ($520,760). However, Bim Afolami, City minister for London and economic secretary to the Treasury, told the...
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 not think about that adage. Because right after the EU standardized an ambitious plan to...
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 to adhere to best practices when it comes to security — even around security-critical occasions...
The widespread adoption of person-to-person (P2P) payment apps and services has fueled a surge in credit-push payment volume, a trend that has been further accelerated by the recent introduction of real-time payments in the United States. As this payments landscape continues to evolve rapidly, fraudsters are...
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...
May 02, 2023
The U.K. has been experiencing a widespread payments fraud epidemic in recent years. And to stem the tide, U.K. regulators are preparing to mandate that banks reimburse victims of authorized...
May 20, 2024
A British treasury official has reportedly criticized proposed fraud reimbursement measures for banks and FinTechs. The plan would require those companies to repay fraud victims as much as 415,000 pounds ($520,760). However, Bim Afolami, City minister for London and economic secretary to the Treasury, told the Financial Times Monday (May 20) that there were “significant problems” […]
December 21, 2023
Payment service providers are reportedly unlikely to challenge the claims that victims of authorized push payment (APP) fraud make under a soon-to-be-implemented rule in the United Kingdom. Investigating a case...
July 17, 2023
Payments FinTech Bottomline has teamed with Pay.UK to help companies prevent fraud. The collaboration, announced Monday (July 17), sees Pay.UK — the recognized standards body for the U.K.’s national retail...
June 29, 2022
The U.K. is experiencing a widespread “epidemic” of payments fraud, in which scammers trick victims into sending money into fraudsters’ accounts, the Financial Times reported Wednesday (June 29). The report...
