Fraud, between caveat emptor and accountability

In this episode Lindsey Rogerson and Rachel Wolcott begin by discussing why the UK is such a hotbed for fraud and go onto consider the recent drop in authorised push payment (APP) fraud in the UK following the introduction of mandatory reimbursement in October 2024.  The conversation then moves onto the European Payments Services Directive (PSD3) and how it is being updated in an effort to clampdown on the use of virtual IBANs by fraudsters. The lack of user-friendliness of fraud warning lists issued by European and global regulators is then discussed alongside the Financial Conduct Authority's Register.  Rachel and Lindsey highlight instances where the Register has been part of the problem in amplifying the “halo” effect of an FCA authorisation before wrapping up the conversation with a look at how fraud is increasingly perpetrated by international criminal gangs and what the UK’s hotly anticipated UK Fraud Strategy might include.  We’re taking a break and will be back in June with more Corylated. In the meantime, please like, subscribe and leave a 5-star review! Thanks for listening!  Links: Payment Systems Regulator 2024 APP reimbursement data: APP fraud performance data | Payment Systems Regulator BBC Panorama episode on Blackmore Bond: https://www.bbc.co.uk/programmes/m001b7jh  UK could revoke trade and aid in fight against online fraud - Compliance Corylated UK elderly fraud victims lose £4,000 per scam, research says - Compliance Corylated UK lost $33.2bn to frauds and scams in 2024 - most in EU  Zelle mentions on Facebook ads ‘correlatedʼ to scams, Meta says   - Compliance Corylated PSR shares early findings from APP fraud repay scheme