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Top regulatory priorities for the payments sector

The Payments Association

Firms should be prepared for more onerous record-keeping and reporting requirements and factor in the costs of additional compliance obligations, including holding client funds under statutory trust. The FCA and PSR are advancing this with variable recurring payments (VRPs) and an independent entity to drive progress.

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Meet Grey Nickel, the AI Crime Syndicate Targeting Banks and Crypto Across Asia

Fintech News

Unlike the EU, where regulators are pushing for secure digital identity frameworks , many APAC jurisdictions don’t have mandatory reporting requirements for identity fraud. But without urgent upgrades in fraud prevention, that growth could be undermined by a rising wave of AI-enabled attacks.

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Decoding the FCA’s Safeguarding reforms: Practical steps for payments and E-money firms

The Payments Association

Smaller firms, for example, are likely to bear the brunt of financial pressures introduced by the reforms with hiked compliance costs that come with implementation of new safeguarding workflows, engaging with auditors and fulfilling enhanced reporting requirements. Read More

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Extra time for payment service providers to investigate fraud

Neopay

Additionally, the Financial Conduct Authority (FCA) plans to impose reporting requirements on affected firms, enhancing monitoring effectiveness. Recognising the urgency, the government aims to enact the regulation in Summer 2024, providing timely support to impacted firms in managing APP Fraud effectively.

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Understanding the importance of a Compliance Monitoring Plan: An expert interview

Neopay

Keeping registrations up-to-date, whether for Anti-Money Laundering (AML), APP fraud prevention, or Data Protection with the Information Commissioner’s Office (ICO), is crucial. With an increase in the number of reports required, it’s easy for businesses to fall behind.

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Will PSD2 Increase Authorised Push-Payment Fraud?

FICO

To date, reporting of authorised push-payment fraud has been ad-hoc and generally doesn’t involve reporting to any formal body. The fraud reporting requirements of PSD2 mean that PSPs must overhaul their processes and be ready to report fraud by January 2019.

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PayPal vs Stripe: Which is best?

Nanonets

The payment processor also handles chargebacks and fraud prevention on behalf of the merchant. Usecases like ecommerce depend on fully customizable, feature-rich payment processing, and requires robust fraud prevention tools. Chargebacks occur when a customer disputes a charge with their credit card issuer.

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