payment fraud

Confidence in fraud regulation collapses as criminals weaponise fast AI

17th October 2025 Consumer Lending | #AI (Artificial Intelligence)#payment fraud

Confidence in the UK’s ability to regulate fraud has collapsed to a historic low as the payments industry grapples with an explosion in AI-powered attacks, according to a comprehensive three-year analysis revealing the steepest decline in regulatory trust on record. according to analysis by The Payments Association. The research reveals a significant decline in confidence in…

Anti-fraud confirmation of payee tool expanded to hundreds of more firms

1st November 2024 Consumer Lending | #payment fraud

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…

Banks to reimburse up to £415,000 on APP fraud claims

20th December 2023 Consumer Lending | #payment fraud

The Payment Systems Regulator (PSR) has outlined new consumer protections for people who have been tricked into transferring money to scammers will be able to receive up to £415,000 back per claim under new fraud requirements coming into force next year, The measures are is in line with the maximum award the Financial Ombudsman Service…

PSR announces new APP fraud measures

7th June 2023 Consumer Lending | #payment fraud

The Payment Systems Regulator (PSR) has confirmed new requirements for banks and payment companies that will ensure more people than ever before will get their money back if they are a victim of Authorised Push Payment (APP) fraud; prompting more action to prevent these frauds from happening in the first place. This significant new level of…

PSR proposes Authorised Push Payment scams reporting

10th February 2023 Consumer Lending | #payment fraud

The Payment Systems Regulator (PSR) has published its latest consultation on guidance to support payment service providers (PSPs – like banks and building societies) with providing correct data when they report their Authorised Push Payment (APP) scams data to the regulator. The PSR wants to see better protections for everyone from APP scams and last…

Proposals to reimburse victims of fraud are fundamentally flawed

6th February 2023 Consumer Lending | #payment fraud

A report from the House of Commons Treasury select committee has criticised the Payment Systems Regulator (PSR) for planning to hand off responsibility for recompensing individuals targeted by scams to payments operator Pay.UK. The select committees says fraud is the most common crime in England and Wales, and one of the most reported in Scotland.…

PSR confirms plans for new anti-fraud measures

12th October 2022 Consumer Lending | #payment fraud

The Payment Systems Regulator (PSR) has confirmed plans to force banks to introduce new anti-fraud measures. The PSR said around 400 more firms would be required to use the name-checking service, called confirmation of payee (CoP) which helps to make sure payments are not sent to the wrong account by mistake, or to accounts run…

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