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.
