FCA Points Way To Combating £1B Payments System Fraud

Law360, London (September 18, 2018, 4:14 PM BST) -- The Financial Conduct Authority has published guidance to help the financial services sector combat payments fraud, which costs £1 billion ($1.3 billion) a year, by requiring them to roll out tougher procedures on customer authentication and to report breaches, in an overhaul of payments services legislation.

The FCA set out guidelines for payments companies on Monday, telling them to report evidence of fraud — which cost businesses £1 billion in 2017 — to the watchdog in line with forthcoming updates to the Payment Services Directive, known as PSD2. The watchdog said they will be required to handle complaints from customers about fraud, including so-called push payment...

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