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Registration Deadline Passes For UK PSPs Ahead Of APP Fraud Reimbursement Rules
The deadline has now passed for in-scope payment service providers (PSPs) to register with Pay.UK ahead of new rules on mandatory reimbursement of authorised push payment (APP) fraud.
In July, the Payment Systems Regulator (PSR) confirmed the deadline of August 20 for firms to register themselves under the Faster Payments System (FPS) Reimbursement Directory.
Under the new rules that go live on October 7, in-scope PSPs will be required to reimburse APP fraud victims within five working days, and receiving PSPs will be required to share the cost of the fraud loss with the sending PSP.
“The key benefit of the policy is improved experience and protection for end users, and the increased focus on the implementation of best-in-class fraud detection and prevention solutions across the industry,” said Pay.UK.
CSSF Launches DORA Readiness Survey For Luxembourg Financial Entities
The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial regulator, has initiated a DORA Readiness Survey aimed at assessing the preparedness of financial entities for the Digital Operational Resilience Act (DORA).
This survey comes as the implementation deadline for DORA, set for January 17, 2025, approaches.
The survey, which consists of ten closed questions, seeks to gauge the readiness levels of financial entities and identify any challenges they are facing.
Additionally, the CSSF hopes to raise awareness among entities that may be lagging in their preparations.
Entities licensed in Luxembourg, including those under direct European Central Bank (ECB) supervision, will receive invitations to participate via email.
Although participation is not mandatory, the CSSF strongly encourages it, with responses open until September 15.
Investment Fraud Attempts Up 76 Percent In 2024, Says Bank of Ireland
A new report from the Bank of Ireland has found that attempts at investment fraud targeting its customers rose 76 percent in H1 2024 compared with the same period last year.
The bank said the majority of cases begin on social media and eventually lead to phone calls and messages between the scammer and the target.
“The growth in investment fraud attempts is the most concerning trend we are seeing at the moment,” said Nicola Sadlier, head of fraud at Bank of Ireland. “The level of personalised targeting of consumers continues to grow year on year.”
The bank also found that 94 percent of customers surveyed have been targeted by a fraudster within the past 12 months.
The practice of “re-targeting” customers — whereby scammers contact someone who has already been scammed with fraudulent offers to recover their losses — is also on the rise.
Ripple Begins Testing US Dollar Stablecoin On XRP Ledger Mainnet
Ripple has announced that it has begun testing its Ripple USD stablecoin on the XRP Ledger (XRPL) and Ethereum Mainnet.
The company said that Ripple USD is currently in its beta phase and is being “rigorously tested” by its enterprise partners.
“This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency and reliability before it becomes widely available after receipt of regulatory approval,” it said.
“Consequently, Ripple USD is not available for purchase or trading at this time.”
Ripple, which revealed its stablecoin plans in April this year, warned investors to be aware of crypto scams that purport to offer early access to Ripple USD.
