The Financial Conduct Authority has said payment service providers must act quickly to push merchants into compliance with EU rules on strong customer authentication (SCA) for online card payments.
UK banks have agreed to fund reimbursement for fraud victims for an additional three months, although consumer groups have labelled the measure a “stopgap” and called for regulatory intervention.
The UK’s top payment system operator has rejected banks’ proposals for a 2.9p transaction levy on fund transfers to fund payouts for consumer fraud losses, claiming there is insufficient wider...
Top banking industry groups have backed lawmakers’ recommendation for the UK government to compel all payment service providers to reimburse innocent fraud victims.
The body in charge of the UK’s real-time interbank payment system is being pressured to introduce a fee on all transactions to fund reimbursement of fraud victims, with the current bank-funded pot...
On September 30, 2019, UK Finance announced the “Community Access to Cash Initiative”, which aims to help local communities secure access to cash and payment facilities. The initiative recognises...
New fraud figures from UK Finance have shown that losses from authorised push payment (APP) scams continue to rise, although the trade body emphasised that the effects of the newly-adopted...
The UK’s Financial Conduct Authority (FCA) has urged issuers and acquirers to avoid changing how contactless transactions are handled for a limited period, despite new strong authentication rules...
UK banks are formally proposing to introduce a new fee on Faster Payments transactions to fund reimbursement of victims of account transfer fraud, despite earlier opposition from lawmakers.
Industry groups say the decision by UK regulators to delay enforcement of strong authentication reforms will help steer firms away from a “cliff edge” next month, despite the decision not to give...
The UK’s Financial Conduct Authority (FCA) has formally agreed to grant payment providers an additional 18 months to comply with new strong authentication rules.
UK firms are hoping to seize on regulators’ increasing leniency around incoming strong customer authentication (SCA) reforms, seeking further flexibility on contactless card transactions.
In its final plea for leniency on September’s strong authentication reforms, industry group UK Finance has requested an 18-month transition period — with a six-month carve out for issuers...
The Dutch central bank has become the latest regulator to offer a transition period for firms to comply with incoming EU rules on strong customer authentication (SCA) designed to tackle payment...
Challenger bank Monzo is among some of the UK’s best-known lenders who have still not signed up to a voluntary industry code to reimburse victims of spiralling push payment fraud.
An industry-funded anti-fraud unit in the UK has doubled its success in bringing down organised crime groups, preventing £6.8m of fraud in the first half of 2019, although the amount of actual...

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