Credit, Collections & Insolvency News
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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Banks in the UK will be banned from shutting down too quickly under new rules aimed at helping people access cash. The Financial Conduct Authority (FCA) has introduced a policy that requires banks to provide alternatives for customers affected by branch closures. While the changes cannot prevent the closure of bank branches, they will ensure…
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Latest UK Finance card spending data for April 2024 has shown that outstanding balances on credit card accounts have grown by 8.3 per cent over the twelve months to April and 49.4 per cent of outstanding balances incurred interest compared to 49.6 per cent in April 2023. There were 374.6 million credit card transactions in…
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The Payments Systems Regulator (PSR) and the Financial Conduct Authority (FCA) are scrutinising the benefits and potential risks of digital wallets as analysis suggests that over half of adults may be using services like Apple Pay, Google Pay, and PayPal. As well as looking at the advantages digital wallets offer consumers, the regulators will also…
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A quarter of fraud victims may end up getting no refund at all despite new rules designed to force banks to reimburse money lost in bank transfer scams, according to new research from personal finance site Finder. The new rules, which come into force on 7th October, apply to authorised push payment (APP) fraud – when a…
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A new study from Juniper Research has found that the number of fraudulent banking and money transfer transactions in the UK will increase by 111% over the next five years. The figures indicate that fraud will increase from £4.2 million in 2024, to £8.8 million in 2029 with fraudulent transactions totalling £38 million over the next…
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Consumers are opting to spend more on experiences, with a poll from Barclays suggesting that consumers are increasingly choosing experiences over purchases. The spend data shows that consumers are predicted to spend a total of £178 billion on these activities between June and September this summer, averaging £3,322 per person (median consumer estimate: £701). While…
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Payment companies are urging the Payment Systems Regulator (PSR) to delay or rethink fraud refund rules that are due to come into force in October, saying few firms are ready to implement them. The rules will force banks and other payment firms to refund victims of authorised push payment (APP) fraud up to a limit…
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