The payments industry in the United Kingdom is reportedly advocating for changes to fraud-reimbursement rules that are set to be enacted Oct. 7. Despite changes announced by the Payment Systems Regulator (PSR) Wednesday (Sept. 4), the industry is pushing for further amendments to these rules,...
It’s said in jurisprudence that hard cases make bad law. Bad laws have the unintended consequences of hurting society, encouraging bad behavior, or both. In payments, and in the United Kingdom, the hard choices of what to do about authorized push payment (APP) fraud are...
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...
Great Britain’s payments regulator has taken another step in its variable recurring payments (VRP) project. In December, the Payment Systems Regulator (PSR) put forth a “call for views,” which included proposals for how it could support an expansion of VRPs. On Thursday (Aug. 15), the...
May 21, 2024
Higher fees from the payments networks across the pond have not translated into better service, according to a new report. The U.K.’s Payment Systems Regulator (PSR) issued a 158-page report Tuesday (May 21) that charged increases in the fees levied on acquirers and issuers through the past five years by U.S. firms Visa and Mastercard […]
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 06, 2024
The payments industry in the United Kingdom is reportedly advocating for changes to fraud-reimbursement rules that are set to be enacted Oct. 7. Despite changes announced by the Payment Systems...
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 15, 2024
Great Britain’s payments regulator has taken another step in its variable recurring payments (VRP) project. In December, the Payment Systems Regulator (PSR) put forth a “call for views,” which included...
