Exciting Transparency Initiative – PSR APP fraud performance data!
For the first time, the Payment Systems Regulator (PSR) unveils a ground-breaking transparency initiative, sharing comprehensive data on Authorised Push Payment (APP) fraud. This data allows users to assess their banks' performance in reimbursing victims and handling fraudulent transactions, empowering informed decisions. The report recognises leaders like TSB and Nationwide, praising their commitment to customer protection. It delves into various metrics, revealing trends, challenges, and priorities across different financial institutions, shedding light on the complex landscape of APP fraud in the UK.
FCA’s findings from review with a focus on APP Fraud
The Financial Conduct Authority (FCA) released a report recently titled, “Anti-fraud controls and complaint handling in firms,” with particular attention paid to Authorised Push Payment (APP) fraud. This study included current account providers, challenger banks and payment firms among its participants. While the FCA identified effective control frameworks and best practices, it also identified various […]
Insights from the Future of Payments Review Report- Open Banking’s Role in Shaping Tomorrow’s Economy
Explore insights from Future of Payments Review Report, delving into dynamics shaping the UK's future payments landscape. The success of contactless payments and the growth of digital wallets highlight the nation's leadership in digital adoption. However, challenges persist, such as merchant dissatisfaction with card costs, a consumer protection gap in Open Banking, and the absence of a unified National Payments Vision. A balanced, consumer-centric approach is the need of the hour, calling for seamless experiences, Open Banking advocacy, and regulations fostering innovation. In our ever-evolving financial landscape, let's strive for efficiency, inclusivity, and security in shaping a digital economy.
Elevating the Fight Against APP Fraud: Crafting a Robust Business Case for Confirmation of Payee
Amid the dynamic landscape of digital banking, Confirmation of Payee (CoP) emerges as a strategic imperative, transcending mere compliance. As the Payment Systems Regulator (PSR) mandates reimbursement requirements for APP fraud victims in 2024, the urgency to adopt CoP becomes apparent. Unveil how this robust shield against fraud translates into tangible Return on Investment, fortifying trust, exceeding regulatory standards, and orchestrating an operational symphony. Crafting a business case for CoP is not just a necessity; it's a pivotal step in fortifying your institution in a dynamically evolving financial landscape.
Alarming Increase in UK Fraud Cases: A Call to Action
The UK faces an alarming surge in fraud cases, with consumers losing £580 million in H1 2023. Instances of romance scams and identity theft rose sharply, while APP fraud increased by 22%. Despite a 35% drop in impersonation cases, digital deception via online platforms and telecommunications remains prevalent. Collaboration across sectors, involving tech and social media companies, is crucial to combat fraud, raise awareness, and ensure consumer protection. The rise of social media as a deception medium underscores the urgent need for comprehensive measures and collective responsibility.
Navigating the Changing Tides: The Evolution of PSR Regulations in 2023
In 2023, the Payment System Regulator (PSR) made strides against rising Authorised Push Payment (APP) fraud. The legislation mandated 100% reimbursement, shared between banks. The UK government's three-pillar strategy aimed at pursuing fraudsters, blocking fraud, and empowering individuals. June saw additions to Faster Payment rules and the introduction of Confirmation of Payer. Seeking industry input in August on reimbursement limits showcased PSR's commitment to collaboration. Adjusting timelines to October 2024 reflected responsiveness to industry feedback, emphasising a proactive and adaptable regulatory landscape, and shaping a more secure financial future.
Enhancing Transparency and Accountability in the Fight Against APP Fraud
APP fraud in the UK is complex with mixed responses and outcomes for victims. However, the industry is getting better at fraud prevention. Regulatory bodies have introduced the 2024 reimbursement requirement and Confirmation of Payee making it more consistent and accountable when dealing with APP fraud.
Confirmation of Payee: All You Need to Know in 2024
Launched in 2020, the Confirmation of Payee was implemented to tackle the increasing numbers of APP Fraud in the landscape of the UK which has now been adopted by Payment Service Providers (PSPs), building societies, and several banks in the UK.
🔒 Protecting Against APP Fraud: The Latest from PSR 🔒
A new update is released by the Payment Systems Regulator (PSR) focused on strengthening protection against Authorised Push Payment (APP) fraud under the Faster Payments system. Interestingly, the new policy includes a reimbursement requirement for significant benefits to consumers and businesses alike.
CoP solves the growing problem of APP fraud for banks in the UK
Authorised Push Payment (APP) fraud has spread like wildfire in the UK. According to UK Finance, APP fraud increased from £208 million in the initial months of 2020 to £355 million in 2021. The trend followed in the second half of 2021, with APP fraud reaching £819 million. This growth in APP scams is staggering […]