FICO

NOVEMBER 19, 2019

As the Which Super Complaint points out, with APP fraud UK consumers and businesses have been left unprotected, compared to other payment methods. Banks have given customers the ability to make real-time, irrevocable payments but have not given them protection if something goes wrong.

Irrevocable Payment 52

Irrevocable Payment Irrevocability Scams Faster Payments 52

FICO

OCTOBER 20, 2020

The short answer is that instant, irrevocable payments are very attractive to criminals, who are further emboldened by the UK’s Contingent Reimbursement Model (CRM) Code , enacted in May 2019, which requires banks to support APP scam victims. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity?

Scams 52

Scams Irrevocable Payment Push-to-Card Irrevocability 52

FICO

MARCH 26, 2018

For example, ACH payments in the USA are cleared three times per day and card payments can take weeks for settlement to the merchant. The new real-time payment schemes, whether used directly or as the rails for e-wallets and person-to-person payments, are cleared instantly and are irrevocable.

Real Time Payments 88

Real Time Payments Irrevocability Push-to-Card Payments 88

FICO

OCTOBER 20, 2020

The short answer is that instant, irrevocable payments are very attractive to criminals, who are further emboldened by the UK’s Contingent Reimbursement Model (CRM) Code , enacted in May 2019, which requires banks to support APP scam victims. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity?

Scams 40

Scams Irrevocable Payment Push-to-Card Irrevocability 40

PYMNTS

DECEMBER 7, 2017

These ensure that the money promised is actually available to be sent and that the payment is irrevocable, or can’t be taken back by the sender once it appears in the recipient’s account. And once the customer responds by sending the money, he added, there’s no taking it back — irrevocable payments are part of the value proposition.

Irrevocability 40

Irrevocability Payment APIs and Integration P2P Online and Mobile Banking 40

FICO

NOVEMBER 19, 2019

As the Which Super Complaint points out, with APP fraud UK consumers and businesses have been left unprotected, compared to other payment methods. Banks have given customers the ability to make real-time, irrevocable payments but have not given them protection if something goes wrong.

Irrevocable Payment 40

Irrevocable Payment Irrevocability Faster Payments Payee 40

PYMNTS

APRIL 10, 2020

Against that backdrop, he said, FIs can outsource at least some security functions and ask consumers to verify that they are transferring funds or buying items – an especially valuable service in the age of faster (and irrevocable) payments.

Online and Mobile Banking 67

Online and Mobile Banking Irrevocable Payment Irrevocability Transactions 67