Neopay

SEPTEMBER 11, 2024

The review highlighted the complexity of these frauds, noting that many large-scale scams were made up of multiple smaller transactions, which reduces the effectiveness of transaction limits as a protective measure. This issue is key in demonstrating why stronger protections beyond transaction limits are necessary.

Caps 52

Caps Consulting Scams Fraud Prevention 52

The Payments Association

OCTOBER 14, 2024

Click to explore key changes to APP fraud reimbursement rules Click here to open infographic By reducing the cap to £85,000, the PSR aims to balance the need for robust consumer protection with the realities of operating in a competitive payments market. The FCA expects PSPs to contribute to and utilise shared fraud databases actively.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

PYMNTS

JANUARY 20, 2021

Providing consumers with the assurance that these transactions are secure means they are less likely to balk when using debit cards in new or unexpected ways. “I You have people using credit cards [in part] because they have larger transaction limits, but [also] because of the rewards that they carry and some of their loyalty programs.

Debit Transaction 52

Debit Transaction Transactions Debit Card Security 52

EBizCharge

JUNE 3, 2024

Cons of using EFTs: Technical issues: EFTs can be susceptible to technical problems, such as server outages or software glitches, which can delay transactions. Fraud risks: Despite security measures, EFTs can still be targeted by hackers and scammers, potentially leading to unauthorized transactions.

Funds Transfer 52

Funds Transfer Electronic Fund Transfer Act (EFTA) Electronic Funds Transfer (EFT) Wire Transfer 52

Fintech News

OCTOBER 27, 2024

By holding these entities accountable, the SRF enhances consumer protection and provides clear avenues for victim recourse in cases of phishing-related losses. This inclusion acknowledges the increased risk of significant losses from e-wallets and mandates robust consumer protection controls.

Phishing 134

Phishing Scams Blocks Authorization 134

The Payments Association

JANUARY 14, 2025

Mark O’Keefe (TPA) suggested that allowing customers to customise their security thresholdsfor example, setting transaction limits above which additional verification steps are triggeredcould empower users without compromising safety.

Fraud Prevention 88

Fraud Prevention Financial Crimes Crime Participant 88