- Lenders provide 650,000 UK businesses with £27.5bn in finance through COVID-19 schemes
- UK lenders approve almost 1.5million payment holidays on credit cards and personal loans
- Scope says UK banks to manage through challenging times with regulatory encouragement
- Latest Lloyds Bank Business Barometer says business confidence falls to record low as economic shutdown continues
- Mastercard says 78% of all transactions across Europe are now contactless
- Research indicates 56% of consumers more likely to use contactless as their preferred spending method when thinking about future trips abroad
- Auriga's Mark Aldred comments on the future need for ATMs in the UK expired
- Reinhart appointed as the new Vice President and Chief Economist of the World Bank Group expired
- S&P Global publishes article headed "Islamic Finance And ESG: Sharia-Compliant Instruments Can Put The S In ESG" expired
- High-income households willing to take on riskier post-COVID-19 investments, says GlobalData expired
- Moneyfacts says fixed bond rate gap tumbles as one-year attracts expired
- Northpointe Bank named a top-performing bank in the US again by the ICBA expired
8th November 2019
UK Finance welcomes Treasury Committee’s anti-scam recommendations
The Treasury Committee has published a report calling for the industry voluntary Code on authorised push payment scams, which was introduced in May this year, to be made compulsory through new legislation. The report also called for a 24-hour delay on bank transfers made to accounts for the first time, to try and prevent customers falling victim to scams.
Responding to this report, UK Finance Chief Executive Stephen Jones said: “Investing millions in security systems to defend customers, supporting law enforcement in disrupting criminals and helping customers protect themselves from scams are core priorities for the finance industry. The Authorised Push Payment voluntary Code is a key part of this work and provides important protections for customers of signatory firms from authorised push payment scams.
“Nevertheless, we welcome the Committee’s recommendations that issues of liability and reimbursement should best be addressed by new laws rather than just a voluntary Code alone, and the recommendation that third parties should be liable for the associated costs to financial services when they are responsible for data breaches that increase the risk of payment scams.
“We look forward to working through these and the other thoughtful recommendations made by the Treasury Committee to enhance the ability of the finance industry to combat the ongoing threat of economic crime.”