Finextra

JUNE 25, 2025

This means faster resolutions, reduced operational overhead, and a more positive customer experience—even in difficult moments. Real-Time Compliance & AML Monitoring With faster payments come faster risks—and heightened regulatory expectations.

Fraud Detection

Fintech Finance

SEPTEMBER 25, 2024

Today, the PSR has confirmed the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams starting from 7 October. Having given careful consideration to all the feedback and information received, the PSR board has decided that the maximum reimbursement limit for Faster Payments will be £85,000.

Scams

Fintech Finance

AUGUST 1, 2024

Latest figures released today by the Payment Systems Regulator (PSR) track the performance of payment firms in tackling Authorised Push Payment (APP) scams and reimbursing victims in 2023. billion transactions were made using the Faster Payments system. AIB Group reimbursed 9% of APP scam losses.

Scams

Finextra

APRIL 17, 2025

How can collaboration and data sharing across the industry help wealth managers identify and prevent emerging fraud threats?

Faster Payments

Faster Payments Council

MARCH 8, 2022

Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today released the first edition of the Faster Payments Fraud Survey and Report. geographies, and provides a global context of faster payments and fraud.

Faster Payments

Faster Payments Council

MARCH 8, 2022

Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today released the first edition of the Faster Payments Fraud Survey and Report. geographies, and provides a global context of faster payments and fraud.

Faster Payments

PYMNTS

AUGUST 3, 2020

In this week’s B2B Payments fraud roundup, PYMNTS examines the latest news as scams target the enterprise from both within and outside of company walls. Fraud Captures Faster Payments Council Attention. “If you receive an email requesting payment to a different account, it may look genuine. ” $4.13

B2B

Faster Payments Council

AUGUST 23, 2024

Dive into the latest trends and challenges in faster payments, and connect with peers and leaders in the field. Be part of the conversation shaping the future of faster payments. Capitol Ballroom 5) Much has been said about how a directory capability will drive faster payments adoption. 14 seconds.

FPC

Finextra

DECEMBER 21, 2023

The Payment Systems Regulator issued Specific Requirement 1 on the Faster Payments Scheme Operator (.

Scams

PYMNTS

JANUARY 27, 2020

Fraudsters are adding new twists to what has become an increasingly common scam targeting businesses’ B2B payments activity. Separate analysis from Singapore warned that monetary losses associated with BEC scams that specifically instruct targeted employees to send gift card redemption details are on the rise, too.

Business Email Compromise

Neopay

SEPTEMBER 26, 2024

On September 25th, the Payment Systems Regulator (PSR) confirmed its decision on the maximum reimbursement limit for victims of Authorised Push Payment (APP) scams. Starting October 7th, victims of APP scams through Faster Payments will be eligible for a maximum reimbursement of £85,000.

Scams

Fintech Finance

MAY 30, 2024

In a groundbreaking pilot in partnership with Pay.UK , Visa , a world leader in digital payments, has shown how leveraging the latest AI technology has the potential to drastically cut the £600m1 lost annually to account-to-account scams and fraud over recent years in the UK.

Scams

Finextra

MARCH 21, 2025

Why PS24/7 Faster Payments APP scams reimbursement is needed From 2017 to 2023 Bank/PSPs retained £

Scams

Neopay

NOVEMBER 27, 2023

Revolut is the most common recipient of Faster Payments made by crypto investment scam victims at Lloyds Banking Group, which is reporting a surge in get-rich-quick adverts on social media. The average amount lost by each victim of a crypto investment scam is £10,741, more than any other type of consumer fraud.

Scams

PYMNTS

MAY 3, 2017

NACHA may have assured some banks that Same Day ACH hasn’t led to an increase in payments fraud, but concerns remain widespread about how the initiative and other faster payments efforts will reduce the window of opportunity for FIs to detect and prevent an incident. Faster payments is especially prone.”.

Faster Payments

PYMNTS

JANUARY 9, 2019

While financial services (FinServ) innovations often emerge with built-in security measures, new market trends — including faster payments and open banking — are introducing new security threats to corporate treasury departments, according to cybersecurity company BioCatch. The tactic is relatively simple.

Faster Payments

BioCatch

FEBRUARY 15, 2024

Faster Payments Council (FPC) — the industry-led organization promoting payment-system improvements — argues more needs to be done beyond awareness campaigns and consumer education to stem the explosive growth of fraud in the space. In a new paper, the U.S.

FPC

Neopay

NOVEMBER 27, 2023

New figures released by the PSR show, for the first time, the full extent of how well banks and other payment firms performed in tackling APP scams and how they treated those who fell victim in 2022. The report focuses on Faster Payments because it is the most frequently used way that fraudsters carry out an APP scam.

Scams

The Fintech Times

MARCH 27, 2024

This new solution closes the gaps in intelligence that the fraudsters utilise to be able to use faster payments to target UK consumers and businesses. The post Form3 Launches APP Fraud Prevention Solution, Powered by Feedzai, to ‘Make Faster Payments Safer’ appeared first on The Fintech Times.

Fraud Prevention

PYMNTS

JULY 4, 2018

s Faster Payments system, that period of contemplation and consideration has arrived. Faster Payments has been busy over the past decade, processing more than 9.1 billion payments since first going live. billion payments valued at more than £1 trillion ($1.32 For those working closely on the U.K.’s

Faster Payments

PYMNTS

JULY 3, 2018

The need for faster payments is transcending borders, with FIs in several major global regions making efforts to expand local access to speedier payments. These innovations not only promise to improve payment speed, but to also accelerate financial access and empowerment in different markets. . s payment systems.

Faster Payments

FICO

JUNE 15, 2023

Home Blog Feed test To Stop Scams, It’s Time to Add Sensible Friction to Easy Money The convenience and speed of real-time payments makes it easy for fraudsters to scam individuals. Fraudsters love this change and have been scamming consumers and businesses at full speed with all sorts of sneaky, dirty tricks.

Scams

PYMNTS

JANUARY 30, 2020

The Asia-Pacific (APAC) region is one in which faster payment capabilities are quickly proliferating. Analysts today expect APAC to see the fastest rate of faster payments growth of any other geographic region on the planet, according to a 2018 report. ” Unwrapping The Fraud Threat. ”

Faster Payments

Neopay

SEPTEMBER 11, 2024

The Payment Systems Regulator (PSR) has set a crucial date of 7 October 2024 for implementing new protections against Authorised Push Payment (APP) scams, reaffirming its commitment to tackling this growing threat. The post PSR confirms APP scam protection updates and consults on high-value fraud cap appeared first on Neopay.

Caps

FICO

FEBRUARY 9, 2023

Home Blog FICO APP Scams: What Impact Will the PSR’s Proposals in the UK Have? As the PSR’s response to authorized push payment fraud moves towards becoming law, what will the results be? million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%.

Scams

PYMNTS

JANUARY 26, 2021

Tools that help banks quickly analyze consumers’ behaviors for suspicious activities could help banks level up their defenses and ferret out bad actors before fraudsters pull off their scams.”. Protecting RTP is critical to its wide acceptance as another arrow in the payments quiver. That’s about par for real-time payments.

RTP

Finextra

APRIL 23, 2025

How can collaboration and data sharing across the industry help wealth managers identify and prevent emerging fraud threats?

Faster Payments

The Fintech Times

APRIL 11, 2024

More complex and financially damaging types of APP fraud include romance scams. Identity fraud can be used to make a scam seem more realistic by hijacking the established identity of a real person. This is already used extensively throughout anti-fraud operations, but is continually becoming more powerful and precise.

AI

The Payments Association

OCTOBER 22, 2024

As of October 7, all UK payment firms making use of the faster payment system (FPS) are required to refund fraud victims up to £85,000 within five days under new rules set by the Payment Systems Regulator (PSR). As scams become more advanced, even the most cautious consumers are falling victim.

Rules

PYMNTS

JANUARY 21, 2021

More businesses are beginning to realize that faster payments are an increasingly important part of the ecosystems in which they operate, and many are looking to learn more about what such technologies can do for them. Nacha — which governs the Automated Clearing House (ACH) in the U.S. —

Real Time Payments

BioCatch

MARCH 25, 2024

In 2022, I wrote a white paper that recommended several controls banks could deploy to reduce financial scams in Zelle. Some of these recommendations involved slowing down the transactions including:

Faster Payments

PYMNTS

JUNE 23, 2016

Small business accounting platform Xero has introduced an upgrade that aims to make transactions between businesses more secure amid rising phishing scams. ” Broader support for mobile devices means faster payments as well, the firm added, and helps businesses accelerate their rising adoption of mobile tools.

Phishing

Fintech Finance

NOVEMBER 13, 2024

Essentially, APP fraud is any type of fraud that uses an Authorised Push Payment – whenever a person is tricked into voluntarily sending a payment to another person. Criminals leverage the complexities and speed of cross-border payments to obscure transactions and evade detection, especially through UK-based accounts.

Cross-Border Payments

The Fintech Times

AUGUST 2, 2024

In 2023, Authorised Push Payment (APP) scams totalled just shy of £341million in the UK, with new research highlighting that reimbursement varies significantly depending on who consumers bank with. billion transactions were made using the Faster Payments system. In 2023 alone, 4.5

Scams

PYMNTS

OCTOBER 8, 2020

Consider the enterprising social engineering fraudster who convinces an unsophisticated Venmo or Zelle user with a clever scam and gets the person to voluntarily send money into a crook’s account. Sender Beware. . Edwards said it’s a problem that P2P players are taking increasingly seriously.

Instant Payments

Finovate

OCTOBER 7, 2024

Payments FedNow will expedite Federal Emergency Management Agency (FEMA) payments and transactions for survivors of hurricane Helene. Faster Payments Council (FPC) releases its 2024 U.S. Instant Payments Adoption Quantitative Study. to help fight fraud and scams.

FinTech

FICO

NOVEMBER 19, 2019

million was lost to APP scams an increase of 71 percent compared to the same period in 2020. This crime has been facilitated by the advent and popularity of UK Faster Payments; we all appreciate the ability to send money instantly – that includes fraudsters.

Irrevocable Payment