UK Watchdog Wants Banks To Change Push Payments Fraud Strategy
Summary
This can come in the form of a business email compromise, in which a scammer sends an invoice from a seemingly legitimate supplier. The U.K.’s Payment Systems Regulator (PSR) found about 100 scams hit businesses or consumers every day, according to the press release. found “a crucial discrepancy” between how financial institutions (FIs) deal with APP scams and how they handle other types of fraud. said it filed a “super complaint” against the Payment Systems Regulator; the press release said the PSR and the Financial Conduct Authority are collaborating on raising awareness of APP scams and are developing a policy framework that may address how banks take liability when this scam occurs. “There is on silver bullet, but more can be done to prevent these scams in the first instance, and to respond faster when it does happen,” said PSR Managing Director Hannah Nixon in a statement.