蹤獲鱉鱉

Fraud in Payments: A Changing Regulatory Landscape

Jimmie Franklin

|

August 21, 2024

Authorised push payment (APP) fraud has never strayed far from the headlines in recent years, as the digitisation of payments and the uptake of real-time payment solutions by consumers has meant that fraud has also inevitably risen. This has prompted concern from regulators the world over, as they attempt to get their heads around a new landscape where the rules of the game have changed.

Fraud is not happening as much via cloned cards thanks to initiatives such as strong customer authentication (SCA) effectively stamping it out. However, it is occurring via other methods, such as APP scams and introducing means to prevent APP scams and establish effective, nuanced consumer protection has been far from easy.

In this blog, we give you a quick overview of fraud reimbursement across the world, from the UK, where the Payment Systems Regulator (PSR) has made very few friends with its incoming reimbursement requirements, to other jurisdictions such as Australia, the US, and the EU, where reimbursement rules and liabilities are also under the microscope.

In the UK

Earlier this summer, the Payments Association in the UK said that fraud rules should be delayed by a year after the head of the PSR abruptly left his post.

In Australia

A Treasury minister has rejected calls for a UK-style mandatory reimbursement model for scam victims, arguing that an industry code for key sectors offers a more "extensive" solution.

In Northern Europe

Nordic banks have warned the European Commission of the potential exacerbation of fraud risks under new EU regulations, citing proposed changes to payment service provider liability and advocating for stricter oversight of telecom companies and intensified efforts to combat fraud on social media platforms.

In Brussels

Members of the European Parliament (MEPs) have adopted their official position on the Payment Services Regulation (PSR) and revisions to the Payment Services Directive (PSD3), including introducing more liability for social media and telecoms firms.

In Singapore

Action is also being taken on the reshaping of the fraud landscape, and the countrys regulators are developing a framework for shared responsibility in dealing with phishing scams, noting that financial institutions and telecommunication companies can do more.

Want to know more?

Book a demo so a member of our team can show you the full extent of updates and insights you could glean from 蹤獲鱉鱉 PaymentsCompliances tools and coverage.

Book a Demo

What our clients say

"蹤獲鱉鱉 Regulatory Compliance offers excellent legal and regulatory analysis and provides us with a trustworthy, organised and credible single source solution, which keeps us ahead of the game."

888.com

CEO

"蹤獲鱉鱉 GamblingCompliance is an invaluable source of regulatory information, making it an excellent tool for the gambling industry. The quality of analysis is unmatched and the ease of use searching for topics, regions and themes makes it very simple to identify relevant stories."

Morgan Stanley

Senior Researcher

"蹤獲鱉鱉 GamblingCompliance is crucial to keeping a finger on the pulse of gambling regulation. Accessing a single, credible source of information and news helps us efficiently evolve our systems to align with regulatory developments."

PayPal UK

Head of Risk Management

"Hands down one of the most unique full suite sources of this subject matter anywhere."

UnionPay International

Managing Counsel

"The ever-increasing change coming from various regulators in different territories makes 蹤獲鱉鱉 Regulatory Intelligence a must for a compliance team at a business like ours."

Truevo

Head of Legal & Compliance

"Using 蹤獲鱉鱉 PaymentsCompliance gives us a comprehensive view of the critical changes in regulation in our key markets, and reduces our business resource requirement which saves us on average 瞿100k per annum, we wouldn't be without it!"

Well known e-money company

Regulatory Compliance Team Lead

Insights and intelligence for some of the worlds biggest brands

Still cant find what youre looking for? Get in touch to speak to a member of our team, and well do our best to answer.