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Not much of this applies to the UK. Faster Payments are almost ubiquitous here, and Authorized Push Payment fraud is a huge problem.
by kristianc 5y ago
Not much of this applies to the UK. Faster Payments are almost ubiquitous here, and Authorized Push Payment fraud is a huge problem.
- tialaramex 5y agoFaster Payments is the law in the UK, normal high street banks have to provide Faster Payments on ordinary current accounts. The banks actually shipped it without a working backend, I don't know if they completed it afterwards but initially it's just trust, Alice's bank tells Bob's bank she sent Bob £100 and Bob's bank do the database update and trust Alice's bank is good for the money later. Push Payment fraud presumably subsided enormously after they changed the rules so it's interactive. Now you provide account number and name, the banks algorithmically decide if the name you provided is correct and if not tell the sender there is a problem. So push fraudsters need a fake account name and that's harder. Passing KYC checks for some random mule is do-able but good luck persuading the bank your name is Big Corp Electricity so that the push fraud works.