UK FINANCIAL TRANSACTION REGULATORS ORDERS BIG BANKS TO FIGHT AUTHORISED PUSH PAYMENT SCAMS
August 1st, 2019
The UK’s six major banking groups have been set a deadline of next March 31, (2020) to fully implement new ‘Confirmation of Payee’ rules, to reduce the threat of fraudulent activity. The country’s Payment Systems Regulator (PSR) has issued a ‘specific direction’ to the banks - Lloyds, Barclays, HSBC, Royal Bank of Scotland (which includes the NatWest bank), Santander and Nationwide - says PSR
The PSR believes the rules will protect customers from authorised push payment (APP) scams where people are tricked into sending money to the wrong account by ...
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