Payment Regulator To Protect Against Push Payment Scams
Law360, London (June 22, 2018, 4:59 PM BST) -- Britain's payments regulator said it wants to make it harder for criminals to trick victims into sending them money and reduce the impact of these scams through initiatives that include stronger background checks on fraudsters before allowing them to open accounts.
The Payments Systems Regulator said Thursday that it is working on ways to combat so-called push payment scams and reduce the impact of any fraud on victims. The regulator said that consumers currently have little protection from push payment scams — where an individual instructs their bank to send money from their account to a fraudster.
The measures include forcing banks...
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