Paul Rodgers

𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧: 𝐖𝐡𝐚𝐭’𝐬 𝐭𝐡𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 ‘𝐒𝐜𝐚𝐦𝐬’ 𝐚𝐧𝐝 ‘𝐀𝐏𝐏 𝐅𝐫𝐚𝐮𝐝’ 🤔 Scams: Citizens Advice estimate there are 𝘧𝘰𝘶𝘳 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘱𝘦𝘰𝘱𝘭𝘦 𝘴𝘤𝘢𝘮𝘮𝘦𝘥 𝘺𝘦𝘢𝘳𝘭𝘺 in the UK 🤯 APP Fraud: The Payment Systems Regulator reported there were 252k 𝘤𝘢𝘴𝘦𝘴 of Authorised Push Payment Fraud in 2023* Why is there such a chasm between the two??? - Because there is a difference between estimates and reports? And perhaps people vs cases? - Because APP is a small subsection of ‘scams’? - Because of something else? Does anyone have better insights and thoughts? PS: Tagging a few people more knowledgeable than me who might be able to comment - hope you don’t mind 🕵️‍♂️  *these cases are from the 14 largest banking groups - Revolut, Wise and others are not included in the data.

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Digital bank Monzo has swung to profit for the first time, writes Frances Coppola. But its new-found profitability could prove short-lived as the end may be nigh for “narrow banks”. Full-year results just released show pre-tax profits of £15.4mn, generated largely from higher net-interest margins. Monzo, like most banks, has benefited from the Bank of England’s high interest rates. But like many of the challenger banks that grew from the ashes of the 2008 financial crisis, Monzo should be classed as a “narrow bank”. Its business model is focused largely on depository services and payments, and what little lending it does is also payments-related (credit cards and “buy-now-pay-later”). Its balance sheet is more like that of a payments processor than a traditional bank: against some £11bn of deposits, it holds £7bn of cash reserves at the BoE and £3bn of government and supranational debt. Loans make up only 15 per cent of its balance sheet. This business model amounts to an unhedged bet on BoE interest rate policy, Frances writes. Read more here https://lnkd.in/e79pQGWH #Monzo #bankingindustry #narrowbanks

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UK banks given extra three days to delay payments in effort to beat scams. Bank payments can be delayed by an extra three days if lenders suspect consumers are being scammed, as part of a crackdown on booming levels of digital fraud in Britain. Under changes designed to protect consumers against online scams, high street banks are to be handed new powers by the Treasury to delay and investigate payments suspected of being fraudulent. The Treasury said it would extend the time that payments can be delayed where there are reasonable grounds to suspect fraud, from the current window of completing or refusing a payment before the end of the next business day to up to four working days. https://lnkd.in/eWzH94su

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Alert MFB Launches Mobile App to Enhance Customer’s Banking Experience Alert MFB, a subsidiary of Alert Group, has announced the release of its innovative new mobile app, designed to set a new standard for app users. According to the bank, the sleek and fast app goes beyond normal functions, offering a comprehensive suite of banking services including funds transfer, bill payments, airtime recharge, and account management. Read more👇 #alert #bankingapp Hachem Bdeir Rotimi Ajibade, FCA ,MCIB Teni Wilson

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Monzo has introduced three new security controls-Known Locations, Trusted Contacts, and Secret QR codes—to protect customers from fraud. These opt-in features require customers to use at least two controls for bank transfers or savings withdrawals above a set limit, adding layers of verification based on location, trusted contacts, or QR codes. Digital financial services have brought remarkable advancements, making payments more convenient, inclusive, and efficient. However, these benefits come with challenges such as security risks, regulatory hurdles, technological barriers, and privacy concerns. The controls introduced by Monzo are straightforward solutions that traditional players can adopt to enhance consumer trust. #dfs #tech #digitaltransformation #innovation #controls #fintech

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Today marks the launch of the governments Fair Payment Code. Read the full article from Credit Connect UK Late payments are causing small business, in particularly to suffer hardships and in a lot of cases in recent years fail. With SME's estimated being owed in the region of £22,000 due to late payment it is vital to review how payment is collected swiftly and without friction in the payment medium and with the business relationships not being harmed. The Government have an awards scheme in place to reward companies paying on time and also to build up a clear picture of those who do not. All SME's deserve to be paid on time as some resort to taking out loans to cover costs and mounting debt. Time to review how to get paid, why should a business wait for a payment to be made against invoice. The use of card payments although come with a cost reduce the time to get paid. Solutions such as open banking payments and using a pay by link service could support in keeping the cashflow flowing Good Business Pays has lots of very helpful information including their late and slow payment lists. #sme #latepayment #paymentservices exactly.com can help #reducetime #construction #retail #hospitality #fair #paybylink #openbanking #paybybank #mastercard #Visa #B2B

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There’s lots to like about the now published #NationalPaymentsVision for the UK… I can recognise a number of priorities and challenges The Payments Association (and others) have been talking about for some time. That in itself, is hugely encouraging. The Government is listening. A UK Government making a commitment to collaboration, and that sees the importance and opportunity of the Payments industry, is incredibly positive and something I applaud. On initial reading, some key points within the detail: The vision - “A trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs.” ·      “Payments Vision Delivery Committee” – Senior representatives from the FCA, PSR, Bank of England, and chaired by HM Treasury. ·      Innovation, Competition and Security (3 key pillars driving all activity) ·      BoE and PSR will lead on requirements for upgrades/replacements for FPS and UK retail payments infrastructure. Approach agreed no later than end Q2 2025 ·      Reforming of PAY.UK ·      Coordination between regulators needs to improve - the government is concerned that the collective impact is hampering the sector’s capacity for innovation and growth. ·      Commitments to ‘explore’ CBDCs and a Digital Pound ·      Government support for adoption of digital identities in financial services ·      Priority initiatives in Open Banking and Fraud (Financial Crime) o  PSR commits to 12 month review of APP R after 12 months (plus recognition of role of tech and telcos) o  Regulators to examine data sharing initiatives across the financial services sector. o  Adequate consumer protection must be delivered for Open Banking payments, and the government intends to address this through introduction of a dispute resolution process o  The FCA is to be the UK’s regulator on Open Banking ·      A push to boost cross-border activity and international interoperability, but not at the expense of consumer protection or financial stability. Now is the time for #action and #delivery.  The Payments Association will play it’s role, and looking forward to working with government, regulators and the wider industry to support this vision. https://lnkd.in/e6RsUU7r

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Banking Complaints Surge as Which? and Payments Association Lock Horns Over Fraud Rules Which? and The Payments Association are at odds over their approach to tackling payment fraud as new figures show soaring scam cases. Read More: https://lnkd.in/eC9pRWGe

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Cashflows And Judopay To Offer More Businesses Access To Flexible Funding Read the full story here: 👇 https://lnkd.in/eRY6xmFB #funding #SMEs #payments #fintechboostup

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Monzo has made a profit for the first time, having seen its revenue increase dramatically over the past year. This contrasts with reports, also out today, lamenting that FinTechs or "Neobanks" have failed to dislodge the big banks because their main revenue streams come from payments. Today, Neobanks offer credit cards, loans and savings products so profitability may become increasingly achievable. Despite a wider service offering, most people will continue to use Neobanks alongside a primary account for the short term. They remain important though. FinTech has changed how banking is done and has improved the customer experience. It has opened up a new range of role types and career paths in the new organisations and also in longer established banks. Healy Hunt provides specialist recruitment services for FinTech professionals across Financial Services. https://lnkd.in/ezx2CNr4 #fintech #neobank #executivesearch #recruitment #startup #scaleup

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Broken Business Savings Market Is Costing British SMEs £9 Billion a Year in Missing Interest Richard Davies, CEO of Allica Bank, said:  “There’s no question the SME savings market is broken. “The fact the SME savings penalty has got larger since we first did our research last year – while the Bank rate has reduced slightly – is a travesty many SMEs will find hard to understand. “It’s very unfair SMEs don’t get similar rates to large companies, and our research suggests big banks won’t be improving their rates for SMEs any time soon. “It’s time for something to be done to make that change, get SMEs a better deal and release billions of pounds into the real economy.” https://lnkd.in/eqAmuVCf Chloe Fenton (née Vaidya) Georgie Burks Joe Jones James Heath Ravneet Shah Conrad Ford Mitch (Munish) Trehan Nick Baker #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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💡 New #APP Fraud Reimbursement Rules enter into force today, 7th October All in-scope Payment Service Providers #PSPs that use of Faster Payments Service #FPS and Clearing House Automated Payment System #CHAPS will need to ensure their processes are compliant with the new requirements. ➡️ The Payment Systems Regulator #PSR rules will now require Payment Service Providers #PSPs to reimburse APP Fraud victims up to £85,000; ➡️ Where more than £85,000 is lost and not reimbursed, customers can lodge a claim with the Financial Ombudsman Service #FOS, which has a compensation limit of £415,000;  ➡️ Sending and receiving PSPs will split the costs of reimbursement 50:50;  ➡️ The Pay.UK reimbursement claim management system #RCMS will enable firms to communicate and manage claims; and  ➡️ There will be a requirement to reimburse most APP Fraud victims within five business days, or 35 days If firms ‘stop the clock’ to gather additional information. All in-scope PSPs should ensure that their fraud and consumer protection policies and controls now reflect the new reimbursement requirements as to ensure compliance and effective outcomes. ✅ From providing guidance to conducting fraud assessments, Plenitude’s Fraud Practice can help your firm navigate the new requirements. Prompt action and a strategic plan are key to ensuring your fraud risk management remains resilient, minimises losses and costs, and meets regulatory requirements. For more information visit: https://lnkd.in/e_UCKYWW Learn more: https://lnkd.in/ezy-fx5A

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The UK’s Payment Systems Regulator (PSR) has announced that it is considering a significant reduction in the maximum fraud reimbursement limit for APP scams (Authorised Push Payment), lowering it to £85,000. Tribe MD Alex Reddish commented on the news: "By addressing this issue, the PSR is not only enhancing the security framework but also supporting the broader financial ecosystem. While it’s crucial to tackle the underlying problem of fraud, which cost the industry nearly £5 billion in 2023, balancing these measures with the need to nurture and sustain the fintech sector is equally important. "This move signals a commitment to both innovation and security, ensuring that the UK remains a global leader in financial technology while actively working to mitigate the impacts of fraud.” Read more here: https://yhoo.it/3XihtGI #APP #Fraud #Risk #FraudPrevention #Scams #Fintech #Payments #PayTech #Technology #PSR

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Zopa Bank & ClearScore-Led Campaign Pledge2025.org Surpasses 15 Million Actions Milestone in Bid to Build the Financial Resilience of UK Consumers Jaidev Janardana, CEO of Zopa Bank said: “We’re thrilled to see the 2025 Fintech Pledge continue to progress so rapidly. While our economy is stabilising and inflation has largely abated, there is no room for complacency. The fintech ecosystem can jump-start the UK economy, helping consumers bounce-back by embracing new behaviours that support their long term financial well-being.” https://lnkd.in/eR7Y2uEZ Wilfred Collins Lucas Germanos Clare Gambardella Peter Donlon Michael Woodburn Vicky Saliari Justin Basini Andy Sleigh Michael Woodburn #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Morning all, Wednesday fincrime news here: 1) The Payments Association and Innovate Finance call on Payment Systems Regulator to lower APP fraud reimbursement ceiling and to delay roll out due to digital systems' unreadiness - citing impact on startup fintechs ecosystem and on customers City AM https://lnkd.in/eExv6Br4 2) Solicitors Regulation Authority must pay all costs for hearing brought against law firm Dentons for money laundering. Allegations that Dentons had insufficient money laundering controls were dismissed and Dentons showed that it had sufficient policies as required by SRA at the time, and had been deemed 'gold-standard' by the regulator The Law Gazette https://lnkd.in/eG3xfGtg. 3) GBG Plc releases its 2024 fraud report - showing 81% of fraud prevention professionals see data sharing and collaboration as key to prevention, and 79% of professionals are seeing more sophisticated methods of fraud GBG Plc https://lnkd.in/eGtaUE8E

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I'm not sure what the opposite of #fullstack provider is. In any case, it is probably the broadest strategic topic in merchant #payments that has to be addressed before all else. Whilst I am obviously biased, I strongly believe - and this is mirrored by most of our customers, certainly all merchants which operate across borders - that a multi-acquirer (and maybe multi-PSP) approach is the only sensible one once your business reaches a certain size. Efficiencies (in fees, speed AND - perhaps most importantly - conversion rates), breadth of available payment methods, business continuity considerations and extending your global reach are just some of the obvious benefits to a payment strategy that includes mutliple acquirers. And yes, Computop - the payment people have been doing this since 1998. Single Integration. Multiple Acquirers.

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Financial Conduct Authority Confirms Anti-Greenwashing Guidance and Proposes Extending Sustainability Framework Sacha Sadan, Director of Environmental, Social and Governance, FCA, said: “Confirming the new anti-greenwashing guidance and our proposals to extend the Sustainability Disclosure Requirements and investment labels regime are important milestones that maintain the UK’s place at the forefront of sustainable investment. Our good and poor practice anti-greenwashing examples will help firms market their products in the right way. We continue to work closely with the ASA and CMA to address greenwashing. “Consumers care about investing in products that have a positive impact on the planet and people. That’s why we want to boost the integrity of the market and ensure people can make informed decisions about how to invest their money.” https://lnkd.in/efFqsgrR #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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