Regulator confirms U-turn on maximum amount banks must refund fraud victims September 25, 2024 The UK’s payments regulator has confirmed an last-minute U-turn on the maximum amount banks and fintechs will have to reimburse fraud victims under a new regime, after heavy industry lobbying and pressure from ministers.
Cutting bank transfer fraud refund limit not enough, industry warns regulator September 4, 2024 The UK’s payments regulator is under pressure to U-turn on a controversial fraud reimbursement scheme after confirming it would look at scaling back the measures.
UK regulator set to cut fraud refund limit but sticks by deadline for controversial rules September 4, 2024 The UK’s payments regulator is poised to lower the maximum amount banks and fintechs would have to reimburse fraud victims under a new regime, but stuck by its October implementation date despite mounting pressure. In their current form, new rules from the Payment Systems Regulator (PSR) are due to force banks and fintechs to reimburse [...]
Surge in ombudsman complaints deepens row over UK’s fraud refund scheme September 4, 2024 Fraud-related complaints to the UK's financial ombudsman have hit their highest level since at least early 2018, adding pressure on payment firms contesting a scheme set to force them to reimburse scam victims from next month.
Serious Fraud Office ‘should be replaced with a new body’, say IEA August 23, 2024 The UK anti-fraud agency should be replaced with a new body dedicated to combating economic crime, says a new paper by think tank IEA
Treasury and FCA worried by payments regulator’s fraud refund scheme August 22, 2024 The government and City watchdog have raised concerns over a fraud refund scheme from the UK payments regulator that firms have warned could do long-lasting damage to the industry, City A.M. understands.
Exclusive: Criminals eye windfall from UK regulator’s controversial fraud refund plan August 16, 2024 Criminals are making plans to exploit incoming fraud refund rules from the UK payments regulator, City A.M. has learnt, as banks and fintechs warn of harm to consumers if the measures come into force unaltered.
Treasury questions payments regulator on deadline for controversial fraud refund rules August 13, 2024 The Treasury has reportedly raised questions with the UK payments regulator over the timetable for its new fraud refund rules that have stirred alarm among banks and fintechs.
Liquid gold? Olive oil fraud cases hit record high in EU July 29, 2024 The number of cases of fraudulent olive oil referred to the EU hit a record high this year after inflationary pressures fuelled black market activity. The price of olive oil has more than doubled in the last five years on climate-related supply pressures and environmental shocks. There were 50 reports to the European Union of [...]
UK payment firms urge next government to make tech giants refund fraud victims July 4, 2024 The UK payments industry has issued an election-day plea for the next government to make tech giants liable for the reimbursement of fraud victims, in a bid to alter new rules placing the burden on the financial sector.