The managing director of Great Britain’s Payments Systems Regulator (PSR) is reportedly stepping down. As Bloomberg News noted in a report Saturday (June 1), Chris Hemsley’s departure comes amid rising financial industry anger over new fraud refund regulations. Hemsley will leave “imminently” following nearly five...
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...
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...
The U.K. payments sector is protesting the government’s plan to have companies reimburse fraud victims. Dozens of members of the Payments Association have written to the British economic secretary to the Treasury, Bim Afolami, to push back against the rules, Bloomberg News reported, citing a...
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...
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,...
June 10, 2024
The UK’s payments regulator says new fraud reimbursement rules will proceed as planned. The Payment Systems Regulator told PYMNTS Monday (June 10) that it still plans to roll out regulations requiring banks and payment companies to reimburse victims of authorized push payment (APP) fraud up to £415,000 ($527,000) for each claim. This came after the […]
June 02, 2024
The managing director of Great Britain’s Payments Systems Regulator (PSR) is reportedly stepping down. As Bloomberg News noted in a report Saturday (June 1), Chris Hemsley’s departure comes amid rising...
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...
May 15, 2024
The U.K. payments sector is protesting the government’s plan to have companies reimburse fraud victims. Dozens of members of the Payments Association have written to the British economic secretary to...
