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Location

Reading

Member since

2006

Kevin Smith

Director at Riskskill

Posts: 0 Comments: 8

Bio Payments and risk management independent consultant Career History 8 years independent consulting, Visa Europe and Visa International, Switch Card Services, Lloyds Bank, Sainsburys Stores

Kevin is Commenting on

Customer loses £60,000 to criminal posing as Santander's head of fraud

OK I get the point that the scammers are very good at what they do, they sound very credible and trick consumers. Reimbursement is indeed patchy when the originating bank questions what more the consumer could/should have dome. However the new UK Fraud Strategy published yesterday makes no reference to pursuing the financial institution that set up the receiving account, the £60k in this news item. We are not punishing banks with poor AML/KYC checks. Follow the money.

05 May 2023 Reply Read article

Which? calls for post-Brexit rule change to protect victims of APP fraud

So which organisation is Which? suggesting should reimburse the cardholder who was the subject of an APP fraud scam? The bank that hosts the customer's account from which the monies were taken with the cardholder's agreement, or the financial institution who opended the account that receievd the fraudulent funds, i.e. the fraudster. The challenge is we are not preventing APP scam issues, we are just shifting liability from a customer who was "tricked' to their own bank.

22 Oct 2020 Reply Read article

New security measures could block one-third of online EU purchases

Regretably, we have recognised the potential for adverse impact on both merchants and card users as the result of SCA and EMV3DS2.x. Different scheme approaches, different timelines, complex rules and technical requirements, unanswered questions put to the EBA and still managing signficant uncertainty on rules, specifications and technology options. This was supposed to drive greater security, convenience, transparency and user confidence. What have we let loose on payments in Europe?

28 Sep 2020 Reply Read article

UK Finance recommends 18-month delay for new authentication rules

Common sense is eventually being applied here, albeit very late in the day. SCA is very complex, its implementation across so many stakeholders needs to be viewed as not dissmaliar to the historic national implementation of chip and PIN across Europe. The specifications, guidance and clarification of implementation requirements have been slow in delivery and refinement. It requires the partipcaption, engagement of and communication to all stakeholders. Further to earlier comments and observations, the UK is definitely not alone in flagging these SCA related concerns, all European markets are having similar discussions on "are we really going to be ready by 14/09/19, when will we realistically be ready, what needs to happen, what needs to be communicated and to whom". The real implications of poor understanding, not being ready and the threat of penalties for non-compliance would have significant negative imapct on merchants and consumers as the end users - not just issuers and acquirers. It has taken strong industry pressure to get UK Finance and FCA to recognise that we collectively are not ready but must have a realistic plan on readiness and compliance with EBA requirements. A suggested delay of 18 months to compliance enforcement will enable stakeholders more time to implement. However, ongoing monitoring and pressure will be critical to ensure parties do not leave everything to the last minute. There will be no more delays. The proposed delay in enforcement after 14/09/19 must be used to ensure that we continue to focus on reducing fraud, educating merchants and consumers and getting the implementation right to minimise adverse impact for merchants and consumers.

08 Aug 2019 Reply Read article