News & Analysis as of

Payment Systems Scams

BakerHostetler

Weekly Blockchain Blog - October 2024

BakerHostetler on

According to a recent press release by the banking cooperative that operates the world’s foremost global payment messaging network, central and commercial banks will soon be able to use the network “to carry out trial...more

Alston & Bird

The UK Introduces a New Reimbursement and Compliance Monitoring Regime for Authorised Push Payment Scams

Alston & Bird on

Our UK Financial Services Group examine the UK’s new mandatory reimbursement rules that will require payment service providers (PSPs) to reimburse victims of scam transactions....more

A&O Shearman

UK Payment Systems Regulator Confirms Maximum Reimbursement Limit for Authorized Push Payment Scams Reimbursement

A&O Shearman on

On 25 September, the U.K. Payment Systems Regulator confirmed that the maximum reimbursement limit for victims of Faster Payments Authorized Push Payment scams will be £85,000. The PSR began consulting on reducing the...more

BCLP

Play Safe - How scam-proof are you in the new world of mandatory reimbursement for APP fraud?

BCLP on

Imagine this – a customer submits a payment instruction directing that all their life savings are transferred to a third-party account for the purposes of an investment. What do you do? While the scenario may appear...more

Ballard Spahr LLP

CFPB report highlights problems military families have experienced with digital payment apps

Ballard Spahr LLP on

On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for...more

K2 Integrity

As Cryptocurrency Becomes More Mainstream, Payment Scam Risks Increase

K2 Integrity on

Payment scams exploiting the lure of cryptocurrency are a growing concern for individuals and businesses—losses from crypto scams increased from $907 million in 2021 to $2.57 billion in 2022. These scams typically involve...more

Fox Rothschild LLP

Beware Of Online Scammers

Fox Rothschild LLP on

The Federal Trade Commission (FTC) has reported a three-fold increase in consumer reports about scams arising on social media since last year as well as a spike around the time the COVID-19 pandemic began. This includes...more

Hogan Lovells

Payments regulatory news, August 2020 #2

Hogan Lovells on

APP scams: PSR call for improvements - The Payment Systems Regulator (PSR) has published a document in which Genevieve Marjoribanks, PSR Head of Policy, sets out how the PSR wants to see improvements relating to...more

BCLP

Authorised Push Payment Scams

BCLP on

Following a super-complaint by Which?, the Payment System Regulator (“PSR”) investigated and consulted in 2016 and 2017 on whether and how victims of authorised push payment (“APP”) scams should be better protected....more

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