Credit, Collections & Insolvency News
Data from Barclays shows that spending on cards rose by 0.7% in October, marking a slowdown from the 1.1% rise recorded in September. Overall Retail spending grew 0.7% in October 2024, a slight fall compared to the year-on-year growth seen in September 2024 (1.1%). Nonetheless, this is a third consecutive month of growth for the sector as it…
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The Payment Systems Regulator (PSR) has announced that hundreds of additional financial firms will adopt the Confirmation of Payee (CoP) name-checking service, in the industry’s fight against fraud. The expanded rollout means that over 99% of all transactions made through Faster Payments and CHAPS are now safeguarded by this vital anti-fraud measure, offering consumers an…
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UK Finance’s half-year fraud report has found that criminals stole £571.7 million through unauthorised and authorised fraud, a 1.5 per cent decrease compared to the first half of 2023. Banks prevented £710.9 million of unauthorised fraud through advanced security systems with 72 per cent of APP fraud started online and 16 per cent started through…
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Today (7th October, 2024) marks the start of major new protections for victims of Authorised Push Payment (APP) scams. APP fraud happens when someone is tricked into sending money to a fraudster via bank transfer, which can lead to devastating impacts on its victims and reduce consumer confidence when making payments. Payment firms are now…
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The Contingent Reimbursement Model (CRM) Code which puts in place requirements for signatory Payment Service Providers (PSPs) to detect, prevent and reimburse Authorised Push Payment (APP) fraud will close on 7th October as new statutory rules on APP fraud reimbursement come into effect, the Lending Standards Board (LSB) has confirmed. Since its introduction in 2019,…
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The Payment Systems Regulator (PSR) has announced that it has appointed Andrew Buckley as a Non-Executive Director (NED) to its board with immediate effect. Buckley is a Simon Industrial Fellow at The University of Manchester, researching service innovation and central bank digital currencies. He is an experienced Board member with financial services experience including prior…
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The Payment Systems Regulator (PSR) has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams. The PSR says that having given careful consideration to all the feedback and information received, the board has decided that the maximum reimbursement limit for Faster Payments will be £85,000. The PSR’s requirements will provide protections…
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HSBC has backed calls for tech firms to help cover the cost of fraud, saying incoming compensation rules will not be enough to prevent scams. The Payment Systems Regulator (PSR) is expected to make reimbursement of up to £85,000 mandatory from 7th October with most firms having failed to sign up to, or consistently apply,…
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The Payment Systems Regulator (PSR) has announced that it is going to consult on reducing the upper limit for authorised push-payment (APP) fraud reimbursement from £415,000 to £85,000 after finding the lower threshold would still cover more than 99% of authorised push payment fraud cases by volume. The PSR had previously published its requirements for…
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Latest data from Nationwide’s Spending Report shows that £7.6 billion was spent overall in June, an increase of 3% compared to the previous year, meanwhile, transactions were up 5%. The amount spent in June reached £4.2 billion down one per cent compared to the previous year, while the volume of transactions (c.121m) was up two…
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The Payment Systems Regulator (PSR) has warned that reimbursement for those tricked into transferring money to fraudsters still largely depends on who the victim banks with. PSR data on authorised push payment (APP) scam reimbursement show that victims reported 252,626 cases of APP scams in 2023, with these totalling nearly £341 million. Under the existing…
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A forecast from EY ITEM Club expects solid household income growth and a less cautious approach from consumers going forward, to result in 0.8% growth in consumer spending this year, and 2.5% in 2025. While prospects for consumer spending appear relatively positive, they are likely to be tempered by the lagged effect of past monetary…
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The total number of cash payments in the UK has decreased as more consumers opt for digital transactions using cards and phone apps like Apple Pay and Google Pay according to latest UK Finance data. The research showed that last year, the UK population made 6 billion cash payments, accounting for only 12% of the…
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