Guidelines to Manage ICT Risk in Financial Institutions
10+ Steps to Managing ICT Risk in Financial Institutions 

Get detailed guidelines on how every financial institution across entire European Union can manage ICT risk in 2025.

APP Scams Vs Civil Disputes: Navigating the Grey Area

The PSR's guidance report on distinguishing APP scams from civil disputes could help PSPs assess reimbursements claims for payments made via Faster Payments and CHAPS.

CoP Implementation Benefits in 2024!
10+ Benefits of CoP Implementation in 2024! 

Confirmation of Payee’s name verification process reduces the risk of APP fraud. It also can enhance the detection of fraudulent activities by cross-checking account information. Its successful use cases have also proven it to be very effective in combating certain types of APP fraud, such as Invoice Fraud. 

New Labour Govt May Pause APP Reimbursement Policy! 
New Labour Govt May Pause APP Reimbursement Policy! 

The UK’s Payment Systems Regulators (PSR) are stepping to the plate to protect citizens and businesses, having introduced the new rules that will require banks and payment service providers (PSPs) to reimburse victims of Authorised Push Payment (APP) fraud up to £415,000, starting on October 7, 2024, incentivising industry investment in fraud prevention and improving customer protection.

APP Fraud Prevention
Navigating the Landscape of APP Fraud Prevention: Unpacking the June 2023 Policy

The impending reimbursement requirement for Authorised Push Payment (APP) scams, outlined in the June 2023 Policy Paper by PSR, heralds transformative changes in the financial sector. This breakdown scrutinises the policy's intricacies, encompassing the scope, limits, exceptions, and critical enhancements to the reimbursement framework. Targeting UK Faster Payments system participants, including high-street banks and payment firms, the policy introduces the novel concept where receiving PSPs are mandated to share 50% of the reimbursement burden, bolstered by a defined timeline and ultimate backstop. A pragmatic extension of the reimbursement period to five business days acknowledges operational complexities.

APP Fraud Reporting
Navigating the Landscape of APP Fraud Reporting Challenges

Amidst the escalating battle against Authorised Push Payment (APP) fraud, a critical focus emerges— the challenges Payment Service Providers (PSPs) face in reporting such incidents. As the 2024 reimbursement requirement looms, effective communication between sending and receiving firms becomes paramount. This blog scrutinises current hurdles in APP fraud reporting, including communication difficulties, inconsistent approaches in defining fraud scope, varying customer outcomes, receiving fraud data discrepancies, and challenges in applying new requirements.

CoP Advantage for PSPs
Unveiling Confirmation of Payee- Revolutionising Payments: The CoP Advantage for PSPs

This guide provides a strategic roadmap for financial institutions aiming to enhance payment security through Confirmation of Payee (CoP) implementation. Highlighting its pivotal role in combatting APP fraud, the guide outlines key steps: building a business case, engaging crucial bank teams, and deciding on a build versus buy strategy. It advocates an API-first approach for seamless integration, emphasizes data integrity through cleansing, and underscores the importance of clear communication channels and proactive customer education.

What is APP Fraud? And what are the types of APP Fraud?

Authorised Push Payment (APP) fraud, a pervasive financial threat in the UK, has inflicted a staggering £240 million in losses during the first half of the current year. This sophisticated scam involves manipulating individuals and businesses into making voluntary payments under false pretences. In this comprehensive blog, we explore the intricacies of APP fraud, detailing various types such as impersonation scams, purchase scams, romance scams, investment scams, loan fee scams, and bank transfer scams. Recent data from UK Finance highlights online channels as the source for 77% of APP fraud cases, while cold calling contributes significantly to losses.

Navigating the Evolving Landscape The Data Protection and Digital Information Bill 2023-24
Navigating the Evolving Landscape : The Data Protection and Digital Information Bill 2023-24

The Data Protection and Digital Information Bill 2023-24 represents a transformative shift in the evolving legislative landscape governing data protection. Introduced in the House of Commons, the bill aims to create a comprehensive and adaptive regulatory framework for the digital era. It builds on the 2022-23 session's Data Protection and Digital Information (No. 2) Bill, receiving Royal Assent in June 2023. As organisations prepare for the paradigm shift, proactive strategies and compliance measures become crucial. The bill signifies a forward-looking approach, fostering transparency, protecting individual rights, and fortifying digital landscapes for a resilient and secure future.

Unravelling SD20 : Insights for Faster Payments

Specific Direction 20 (SD20), introduced by the Payment Systems Regulator (PSR) in December 2023, outlines a reimbursement mandate for victims of Authorised Push Payment (APP) scams in the Faster Payments Scheme. This directive, effective from October 7, 2024, necessitates full reimbursement from all Payment Service Providers (PSPs). While SD20 aligns with the broader goal of combating financial fraud, challenges arise, particularly for Electronic Money Institutions (EMIs) and smaller PSPs. Proactive risk mitigation, robust fraud prevention measures, and strategic planning are imperative for industry players to navigate the regulatory landscape, fortify resilience, and ensure compliance with SD20.