The government of the United Kingdom has published draft legislation that would allow payment service providers (PSPs) to delay outbound payments processing by up to four business days when they suspect fraud. The delay will give PSPs more time to contact the customer or relevant...
Authorized push payments (APP) fraud victims in the U.K. could soon see faster reimbursements. That’s according to Great Britain’s Payment Systems Regulator (PSR) which on Wednesday (June 7) announced new requirements for banks and payment companies at a time when APP fraud is costing Britons close to £500 million...
Over £1.2 billion ($1.5 billion) in the U.K. was stolen through authorized and unauthorized financial fraud in 2022, according to a recently published UK Finance report. And while that amounts to an 8% drop compared to 2021 figures, there’s no debate that the battle to prevent...
The U.K.’s payment regulator has outlined new rules to combat authorized push payment (APP) fraud. The Payment Systems Regulator (PSR) published new rules for banks and building societies on Thursday (Dec. 8), requiring them to report details about APP fraud, including the rates of APP...
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 […]
May 16, 2023
Over £1.2 billion ($1.5 billion) in the U.K. was stolen through authorized and unauthorized financial fraud in 2022, according to a recently published UK Finance report. And while that amounts to...
March 12, 2024
The government of the United Kingdom has published draft legislation that would allow payment service providers (PSPs) to delay outbound payments processing by up to four business days when they suspect fraud. The delay will give PSPs more time to contact the customer or relevant third parties, such as law enforcement, HM Treasury said in a Tuesday […]
June 07, 2023
Authorized push payments (APP) fraud victims in the U.K. could soon see faster reimbursements. That’s according to Great Britain’s Payment Systems Regulator (PSR) which on Wednesday (June 7) announced new requirements for banks and...
December 08, 2022
The U.K.’s payment regulator has outlined new rules to combat authorized push payment (APP) fraud. The Payment Systems Regulator (PSR) published new rules for banks and building societies on Thursday...
