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, City A.M. understands.
Exclusive: Criminals eye windfall from UK regulator’s controversial fraud refund plan August 16, 2024 Criminals are making plans to exploit incoming fraud refund rules from the UK payments regulator, City A.M. has learnt, as banks and fintechs warn of harm to consumers if the measures come into force unaltered.
US accuses Georgia government of running scam call centres August 14, 2024 The Georgian government has been accused of operating scam call centres that defraud UK investors of millions each year. The Commission on Security and Cooperation in Europe – also known as “the Helsinki Commission” – called on the US State Department to launch an immediate crackdown on the Georgian Dream party. A statement released by [...]