Meta: Instagram owner to expand UK bank data scheme in anti-fraud push October 2, 2024 Meta is to partner with more UK banks for a data-sharing programme aimed at tackling fraud, as tech giants come under pressure to address a surge in scams on social media.
UK urged to lead ‘cross-border war’ against fraudsters as billions lost September 30, 2024 In a new report, the Social Market Foundation (SMF) estimated that 21 per cent of adults globally have been victims of fraud in the last three years.
Revolut to join UK bank fraud helpline after surge in complaints September 27, 2024 Revolut is among three new firms signing up to the banking industry’s answer to 999 after it emerged that it had outstripped all the UK's major banks in official fraud complaints.
Industry crackdown as insurance scams surge September 26, 2024 The UK insurance industry identified £1.1bn worth of fraudulent claims last year, highlighting the importance of focusing on tackling bogus insurance claims.
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, CityAM understands.