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...
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, The Guardian reported Sunday (Sept. 22). David Callington, the head of fraud at HSBC UK,...
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan. Banks and payment companies in England would have had to reimburse victims of scams up to £415,000 ($544,000), but will now have to pay a maximum of £85,000 ($111,000), the...
Push payments fraud in the U.K. increased in volume last year, while declining in value. That’s according to a report issued Thursday (Aug. 1) by the country’s Payment Systems Regulator (PSR), showing that authorized push payments (APP) fraud reached nearly £341 million ($433 million) last...
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, has left observers wondering whether that island may be sinking. This, as the U.K.’s first Global Fraud Summit, hosted by the Home Secretary, kicked off […]
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, […]
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,...
September 04, 2024
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan. Banks and payment companies in England would have had to reimburse victims of scams up...
August 01, 2024
Push payments fraud in the U.K. increased in volume last year, while declining in value. That’s according to a report issued Thursday (Aug. 1) by the country’s Payment Systems Regulator...
