Push Payment Scams.
Following the Which? super-complaint regarding safeguards in the market for push payments. The Financial Conduct Authority (FCA) has issued its thoughts to the Payment Systems Regulator.
What are push payments?
When you login online to your bank account and send payments either direct to another account or via the faster mobile payments system, this is where you have ‘pushed’ a payment.
The issue being if a fraud is committed and you send money to the wrong account or are the victim of a fraud, it is very difficult to get your money back.
The FCA has confirmed that it is committed to working with finance firms and the Payment Systems Regulator to take push payment fraud. It has started by writing to all financial firms involved in payments to review firms financial crime policies and procedures to ensure that there are adequate measures to address and prevent, where possible, payment services and push payment fraud.