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FCA response to Payment Systems Regulator’s paper on authorised push payment scams

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  • FCA response to Payment Systems Regulator’s paper on authorised push payment scams

    The Financial Conduct Authority (FCA) has contributed to the Payment Systems Regulator (PSR) paper on 'Authorised Push Payment Scams'. This follows the Which? super-complaint regarding safeguards in the market for push payments.
    The super-complaint was submitted to the PSR as it is the regulator for the payment systems used in push payment fraud. Which? also sent the super-complaint to the Financial Conduct Authority (FCA), which has provided advice and assistance to the PSR on its response. Christopher Woolard, Executive Director of Strategy and Competition, said:
    ‘Financial crime is a priority for the FCA and we will work to eliminate fraud by whatever means.’
    The super-complaint has highlighted areas that require further consideration and the FCA will take forward the following actions:
    • work with firms to tackle concerns around both sending and receiving banks in relation to authorised push payment fraud

    • evidence received in relation to the super-complaint will be examined by FCA supervision, which will address any firm-specific issues directly


    This work is in addition to that set out in the financial crime and anti-money laundering theme in our 2016/17 Business Plan.



    https://www.fca.org.uk/news/statemen...-push-payments
    Last edited by Amethyst; 7th November 2017, 07:53:AM.
    Tags: None

  • #2
    Re: FCA response to Payment Systems Regulator’s paper on authorised push payment scam

    These are things like when a house buyer receives an email that they think is from their solicitor giving ''updated'' bank details to transfer funds into, when actually the email is from a scammer given their own ( well, a money mule) account details.

    Calls for banks to actually bother to check the name and account details match up.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

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