Latest opinions that John Bertrand has shared on Finextra

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John Bertrand

Tec 8 Limited

Member since

03 Apr 2020

Location

London

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John's opinions

Crypto Wars by Erica Stanford: A Black Comedy

The quote "Nietzsche said order comes out of chaos" is from the movie Blazing Saddles, not Nietzsche” sums up the history of crypto currencies. Nothing, as Erica shows us in Crypto Wars, is as it seems, and the fleecing of investors has been par excellence. Involving all parties in the supply chain. From the creators of the many different...

16 July 2021 /inclusion /crypto Digital Bank Transformation

To stop scammers regulatory requirements are essential

Sending money to non-enabled CoP bank accounts could have an adverse effect on your bank balance. A well-advised approach before paying someone with any bank that is not using Confirmation of Payee (CoP) should use a credit card. Bank accounts are only covered by a voluntary reimbursement code signed by 12 banks. These banks on average reimbursed ...

13 July 2021 /payments /regulation Banking Strategy, Digital and Transformation

Scamdemic: Payor Payments goes #1 in Fraud: 300% increase since 2015

APP (Authorised Push Payments) and taking control of bank accounts are 54% of the £1.26 billion fraud in 2021. Given the sheer volume of scams being generated, 70% of people with mobile phones have receive a text message claiming to be, for example, from Royal Mail requesting a small payment for parcel delivery. These scams, as they expand, could m...

04 July 2021 /payments /crime Banking Strategy, Digital and Transformation

Confirmation of Payee (CoP) To be or not to be

‘To CoP, or not to CoP, that is the question Whether 'tis nobler in the mind to suffer The slings and arrows of outrageous scams, Or to take arms against a sea of fraudsters And by opposing end them delay’ Bank/PSP (Payment Service Provider) not offering Confirmation of Payee (CoP) could be aiding and abetting fraudsters. CoP links the name of the ...

14 June 2021 /payments /crime Banking Regulations

APP Fraud is now virtually free to the banking industry

The effects of fraud are not merely financial. As with other crimes against the person, victims suffer deep emotional distress – people have been known to commit suicide. The victim-blaming approach taken by banks is often a bigger contributary factor to their trauma than the actual financial loss causes people deep trauma. In the new world of op...

22 April 2021 /payments /regulation Fintech

Customers have 50 percent chance of reimbursement after APP fraud

A consultation by the PSR (Payment Systems Regulator) to PSP(Payment System Provides)/Banks to prevent Authorised Push Payment Scams (APP) at source and to provide better support to the victims is underway. APP scammers use Faster Payments as their payment channel of choice, 80% of APP fraud. To do so scammers need a bank account. Contingent Reimbu...

08 April 2021 /retail /crime The Payments Business

A Rude Awakening: fraudsters are now fearless

Faster payments is the fraudsters’ preferred method of payment as the money arrives almost immediately in the payee’s account. To receive that payment therefore, the fraudster has to open a bank account. The current dysfunctionality is each bank holds the client’s information in confidence and does not share insights on risk on that account to oth...

08 March 2021 /payments /crime Financial Services Regulation

Reducing Instant Payment Fraud requires transparency, unity and technology

Society and Law has reached a check point where the new digital world is almost beyond the current laws and banking practises. Let’s take a look at fraud in Faster Payments, UK’s instant payment initiative, which is being replicated in over 50 countries, and soon to become available for cross border payments. Faster payments fraud totalled £330 mi...

10 February 2021 /payments /crime UK Faster Payments

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