Key developments of interest over the last month include:
• United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on consumer protection in interbank payments.
• India: The government is planning a cryptocurrency bill with the aim of establishing a framework for the creation of an official digital currency to be issued by the Reserve Bank of India.
• United Kingdom: The FCA is consulting on changes to its technical standards on strong customer authentication (SCA) and common and secure methods of communication (UK SCA-RTS) and to its Payment Services and Electronic Money Approach Document.
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Recent regulatory developments focussed on the payments sector. See also our General Regulatory News of broad relevance in the Related Materials links.
Contents
APP scams: PSR call for views
Consumer protection in interbank payments: PSR call for views
Consumer Research 2020: PSR summary report
New Payments Architecture: PSR CP21/2
The UK Payment Systems Regulator (PSR) has published a consultation paper, CP21/2, on the options for reducing risks to the successful delivery of the New Payments Architecture (NPA). It has also published responses to its January 2020 call for input on competition and innovation in the NPA.
Are banks overburdened with responsibility for money lost to online scams?
Bank boss calls for cross-industry cooperation to reduce scams that trick people into making instant payments online
Share this item with your network: By Published: 25 Jan 2021 14:05
A digital bank boss has called for social media companies to share responsibility for losses to consumers duped into transferring money to fraudsters when buying what they think are genuine goods.
Anne Boden, CEO at digital challenger Starling Bank, called for cooperation between different sectors to clamp down on authorised push payment (APP) fraud, also known as bank transfer fraud.
APP occurs when a consumer sends money to buy something, which turns out to be fake and in fact a criminal steals their money. Banks often reimburse customers through the Contingent Reimbursement Model, introduced in May 2019. This sets out when victims who are manipulated into making real-time payments to fraudsters are to be reimburs