Latest UK Finance News: Finextra Research

Banks push for UK to increase contactless limit to £100

In the wake of Brexit, banks are pushing the UK government to increase the contactless payments limit to £100, breaking with an EU cap of £45.

04 January 2021

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Police and banks to extend fraud prevention scheme to online and telephone banking

The Banking Protocol, a UK-wide scheme that enables bank branch staff to alert their local police force when they suspect a customer is being scammed, it to be extended to cover attempted bank transfers made by customers through telephone and online banking.

09 September 2020

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Eight UK communities to trial cash promotion schemes

Eight locations across the UK have been chosen to test solutions that will help communities retain free access to cash, as the nation shifts to an increasingly cashless society.

17 June 2020

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More than half of UK payments in 2019 made by card

More than half of all payments in the UK were made by card last year as cash usage fell sharply, industry figures show.

04 June 2020

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Banks join mobile industry to tackle Covid-19 scams

The UK mobile industry, banking and finance sector and the National Cyber Security Centre (NCSC) have joined forces in a bid to block the spiralling use of scam text messages exploiting the Covid-19 crisis.

22 April 2020

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One-in-nine UK mortgage holders taking payment holidays

Over 1.2 million UK mortgage holders have taken advantage of payment holidays offered by lenders, laying bare the economic devastation caused by Covid-19.

14 April 2020

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UK contactless limits raised to £45

The UK has joined other countries around the world in lifting the ceiling for contactless card payments, enabling customers to make more payments without touching card terminals or handling cash.

24 March 2020

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APP fraud losses hit £456 million in 2019

With authorised push payment (APP) fraud soaring, UK Finance is calling for cross-sector cooperation on a problem that still results in most victims not being reimbursed by banks, despite a recently introduced voluntary code of conduct.

19 March 2020

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UK banks extend deadline for funding APP fraud compensation

The UK's largest banks have committed to extend funding to reimburse customers who fall victim to authorised push payment fraud by three months, pushing the expiry date for the interim arrangement from December to March 2020.

27 November 2019

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Pay.UK knocks back Faster Payments fees to cover APP fraud

Proposals by seven UK banks to levy a per transaction fee for for certain Faster Payment transactions as a means to provide a long-term, sustainable funding arrangement for the reimbursement of APP scam victims, have been knocked back by governing body Pay.UK following an industry-wide consultation.

15 November 2019

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UK Finance recommends 18-month delay for new authentication rules

UK Finance is recommending a minimum 18-month delay to the introduction of Secure Customer Authentication rules in the UK, with a further one-year extension for the hospitality and travel sector.

07 August 2019

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Millions of Brits go cashless amid rise of contactless and mobile banking

With mobile banking and contactless payments becoming ever more popular in the UK, one in 10 Brits now live a largely cashless life, according to figures from UK Finance.

07 June 2019

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