Financial Watchdog Puts Pressure on Banks to Stop Fraud

Minimalist · Aug 23, 2018

A UK financial watchdog has put more pressure on banks to root out fraud, claiming they shouldn’t assume customer “gross negligence” is to blame.

Caroline Wayman, CEO of the Financial Ombudsman Service (FOS) said that in the disputes her organization is frequently called upon to settle, lenders often try to put the blame onto their customers.

However, unless they have the facts to back up their position, the FOS will usually rule that the financial institution has to pay up.
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https://www.infosecurity-magazine.com/news/financial-watchdog-pressure-banks/

Minimalist · Oct 13, 2018

UK Finance: New Tax Could Pay for Fraud Losses

Trade association UK Finance has called for a new tax on payments to create a fund that banks can use to compensate victims of fraud.

CEO of the banking lobby, Stephen Jones, made the proposals before a Treasury Select Committee this week, reportedly claiming that a “tiny levy” on each payment could help to break the stand-off between financial institutions and other stakeholders over authorized push payment (APP) fraud.
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https://www.infosecurity-magazine.com/news/uk-finance-new-tax-could-pay-for/

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Financial Watchdog Puts Pressure on Banks to Stop Fraud

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Financial Watchdog Puts Pressure on Banks to Stop Fraud

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