John Bertrand MD at Tec 8 Limited
As domestic payment fees 'go towards zero', how will PSP make any monies from the payments business, especially if the PSP is a non-bank1 and is OpenBanking an opportunity or challenge to PSPs? Taking a look at the PSP market size in the UK in 2022 was £11billion ($13Billon), 20,000 employees and 2,000 PSP(a) companies. The leaders: Worldpay, PayPa...
06 January 2023 /payments /regulation Mobile Financial Services (MFS)
Historically banks provided both banking and payment services. In the early days banks held the money in a vault and pay out the money at the branch or use the telegraph network to “wire money” to the client’s payee. Since 2015, eight years ago, the UK has seen half its bank branches (7,000) closed. COVID accelerated the use of online banking and ...
29 December 2022 /payments /regulation Fintech
Over the last three months, The House of Lords, European Commission and the Payment System Regulator (PSR) published detailed reports and proposals on how to prevent instant payment fraud. It is not easy and requires multiple partners to work together and consumers and business to do their part to stop these escalating frauds by having robust, man...
30 November 2022 /payments /regulation The future of Payments in Europe
Within a month of each other, the UK Payment Systems Regulator (PSR) issued a consultation paper on Authorised Push Payment (APP) scams with the European Commission (EU) issuing a Proposal amending regulations, including SEPA, concerning instant credit transfers in euro. The PSR’s goal is to make it unrelenting for criminals to defraud people usin...
31 October 2022 /payments /regulation Digital Bank Transformation
Who should be liable for the monies being scammed out of bank accounts using faster payments? (Authorised Push Payment Fraud: APP Fraud) v Money scammed from bank accounts 2018 to 2021: £1,840 million v Money reimbursed to bank clients from 2018 to 2021: £ 660 million v Money lost to scammers: £1,180 million who reported the scam v Estim...
19 September 2022 /payments /regulation Banking Strategy, Digital and Transformation
The scenario: On Facebook, a fake Airbnb website offers accommodation that includes a faster payment deposit of £1,000. It was a scam and the money gone. Airbnb noted it was fake website and says call your bank Refuses any type of reimbursement Facebook advice is call your bank Refus...
06 September 2022 /payments /crime Digital Banking Trends
Scammers are after your money in your bank account and the latest UKFinance Fraud Report 2022* generated newspaper headlines below: “Britain is £3bn fraud capital of the world: Probe reveals 40m Britons have been targeted by scammers this year... but just 2% of our police are investigating the crime plague”** In fairness, bank fraud – Credit Cards,...
05 July 2022 /regulation /crime Innovation in Financial Services
The observation that “The International nature of fraud is not just on the rise, rather it is endemic” sums up the Future of Fraud in a compelling and disquieting manner. There are no simple answers. Imagine in Victim’s Narratives, from the year 2032, “her bank refuses to accept any liability”. This suggests over the next 10 years, “fraud remains ...
27 June 2022 /regulation /crime Banking Strategy, Digital and Transformation
On seeing what looked like a factual internet reporting on Jeremy Clarkson on Day Time TV making money investing in a company using algorithms, a colleague and I agreed to go 50/50 on the €250 initial minimum investment. After filling in the questionnaire, the scammers called me on the number below and took the €250 fee. Upon re-calling the number...
06 June 2022 /payments /crime Financial Services Regulation
Burglaries and cheques have since 2019 declined 36% and 47% respectively. Since 2019, Faster Payments and APP Fraud have increased by 34% and 73% respectively. These trends show that APP Fraud scams will exceed burglaries before 2024. In 2020, APP Fraud created over 200,000 cases. However this figure does not include 40% of APP scams not reported...
07 February 2022 /payments /crime Digital Bank Transformation
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