Ahead of the introduction of a new voluntary code to reimburse customers who fall victim to authorised push payment (APP) fraud, consumer group Which? says that losses from money transfer scams are 'spiralling out of control', with £674 per minute drained from consumer accounts.
Over four in ten businesses in the UK are unaware of the risks posed by invoice fraud, despite these scams costing firms almost £93 million in 2018, research by UK Finance has revealed.
The finance industry prevented £1.66 billion of unauthorised fraud during 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, according to the latest report, Fraud the Facts 2019, from UK Finance
Total UK contactless spending rose by nearly a third last year to £69 billion, with tap and pay now accounting for more than 40% of all card transactions, according to industry figures.
‘Ethics in Banking and Finance’ – a new online guide launched by UK Finance, the trade body representing the banking and finance industry, in partnership with law firm Linklaters, provides firms and individuals operating in the sector with key reference points for governance, strategy and decision-making informed by ethical principles.
The UK's Treasury Committee has called for urgent action to prevent the collapse of access to cash as ATM numbers drop and bank branches disappear from the high street.
Responding to the publication of the consultation responses by the Authorised Push Payments Steering Group on its draft Voluntary Code, Stephen Jones, Chief Executive of UK Finance said:
UK Finance has today announced the appointment of Charlotte Crosswell, CEO, Innovate Finance, and Mark Parsons, Chief Executive Officer and Executive Director, Coventry Building Society, to its Board.
From today, consumers will be able to compare clearer and more consistent information about the additional services current account providers offer all customers, including those in potentially vulnerable circumstances, after a voluntary commitment made by the finance industry comes into action.
Banking lobby UK Finance has floated the idea of imposing a universal tax on funds transfers which banks could dip into to compensate victims of push payments fraud.
© Finextra Research 2019