10 November 2023

FCA calls for “robust frameworks” to detect fraud and support victims

Written By FinTech Alliance in Regulation

FCA calls for “robust frameworks” to detect fraud and support victims

The UK’s Financial Conduct Authority (FCA) has called for stronger anti-fraud systems and better customer support for fraud victims in its latest review.

In brief:

-The regulator recently published key findings from its review of how firms tackle fraud, including authorised push payment (APP) fraud, and how they handle complaints from customers.

-While it says it found “examples of good practice”, it also shares the regulator’s disappointment “with the way some firms supported customers who were the victims of fraud”.

-The review, which consisted of a mixed risk-based sample of 12 current account providers, challenger banks and payment firms, highlights that all payment service providers (PSPs) should regularly evaluate how they identify and prevent fraud.

What does this mean?

“With more people potentially vulnerable due to cost-of-living pressures, and fraud methods evolving, it is critical that firms continually evaluate their approach and have robust frameworks in place to detect fraud, as well as effective support for victims when it happens,” the regulator says.

Read more here.

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in Regulation

Qatar Central Bank launches express sandbox

30 May 2024

The express sandbox is an expedited programme

Seedrs licenced under new EU authorisation

25 October 2023

Private investment platform Seedrs is now authorised under new EU ...

Binance stops accepting new UK customers

17 October 2023

Binance has stopped accepting new users in the UK while ...

Zumo launches first platform that meets new FCA requirements

02 October 2023

Digital-asset-as-a-service platform Zumo has become the first to integrate the ...

White Papers Regulation

House of Lords: The UK-EU Relationship in Financial ServiceS

30 June 2022

The UK financial services sector is of vital importance to the UK economy as a whole, employing 2.3...

White Papers Regulation

Jumio: Anti-money laundering regulations in 2022

16 March 2022

With the increased global focus on anti-money laundering (AML) and countering the financing of terro...

Articles Regulation

The Future of Regulation 2022

24 February 2022

The fire for innovation in financial services has long been raging, and regulators, having transform...

White Papers Regulation

Regulation of Buy-Now Pay-Later

01 December 2021

Consumer credit has been regulated in the UK since the Consumer Credit Act (CCA) was passed in 1974....

There are no Events in this category