Scams and Fraud news: page 3
- June 2023
Committee publishes Payment Systems Regulator response on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published the Payment Systems Regulator's response to its report on scam reimbursement, as a special report dated 14 June 2023.
PSR publishes policy statement on new APP fraud reimbursement requirement
The Payment Systems Regulator has published a policy statement setting out a new reimbursement requirement for victims of authorised push payment fraud, with an implementation date proposed for 2 April 2024.
HMRC warns of rise in scams impersonating the tax agency ahead of tax credits renewal deadline
HMRC has warned of a rise in scam calls, emails and texts impersonating the tax agency, including phishing emails sent from Japanese addresses, ahead of the 31 July tax credits renewal deadline.
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
Payment Systems Regulator responds to Sub-Committee scam reimbursement report
The Payment Systems Regulator's response to a parliamentary report on scam reimbursement was published on 14 June 2023 as the Treasury Sub-Committee's Sixth Special Report.
PSR removes separate minimum threshold for APP fraud claims
The Payment Systems Regulator has dropped a proposed separate minimum threshold for authorised push payment fraud claims and will consult on a claim excess instead.
- May 2023
HMRC warns tax credits customers about renewal deadline scams
HMRC has warned around 1.5 million tax credits customers to watch for scams mimicking government communications ahead of the 31 July renewal deadline, as it reported new fraud tactics.
- March 2023
Which? reports Ofcom findings that nine in 10 people have encountered online scams
Which? has reported Ofcom research showing nine in 10 adult internet users have encountered online scams, and called for stronger consumer protections in the Online Safety Bill.
- February 2023
HMRC warns of fake tax refund email scam
Fraudsters are sending fake tax refund emails that use HMRC branding and a claim link, and HMRC has issued a warning about the scam, according to Which?.
Parliament committee publishes report on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published its Thirteenth report, Scam reimbursement: pushing for a better solution, on authorised push payment fraud reimbursement.
- January 2023
Phone theft spate exposes weak bank login reset checks
A spate of phone thefts in early 2023, many involving raided gym lockers, led Which? to find some banks asked only for basic information to reset app login details.
- December 2022
FCA warns of loan fee fraud rise in the run up to Christmas
The Financial Conduct Authority has warned that loan fee fraud cases are up by a fifth on last year, as Christmas spending pressure and the cost of living crisis leave consumers exposed to upfront fee scams.
Committee takes oral evidence on APP fraud reimbursement from PSR, FOS and Pay.UK
The Treasury Sub-Committee on Financial Services Regulations heard oral evidence on authorised push payment fraud reimbursement from the Payment Systems Regulator, the Financial Ombudsman Service and Pay.UK on 13 December 2022.
- November 2022
Which? investigation finds six major banks' numbers spoofable
A Which? investigation has found that phone numbers belonging to six major banks could be spoofed because they were not registered on the industry database designed to block impersonation calls.
PSR consultation on mandatory APP scam reimbursement closes
The Payment Systems Regulator's consultation on mandatory reimbursement for authorised push payment scam victims closed on 25 November 2022, with a response published alongside proposals covering payments over £100.
- October 2022
PSR consults on requiring full reimbursement of APP scam victims over Faster Payments
The Payment Systems Regulator has set out plans to require banks and payment firms to reimburse victims of authorised push payment scams made over Faster Payments, splitting the cost between sending and receiving firms.
- September 2022
PSR to consult on APP scam reimbursement approach
The Payment Systems Regulator will consult in autumn 2022 on its preferred approach to reimbursing victims of authorised push payment scams, after the government set out plans to remove a legal barrier to regulatory action.
- August 2022
TPR launches three-year strategy to tackle pension scams
The Pensions Regulator has launched a three-year strategy against pension scams, saying the cost of living crisis could leave more savers exposed to fraudsters targeting pension pots.
- June 2022
FCA announces data-led approach to tackling online scams faster
The Financial Conduct Authority is scanning about 100,000 new websites a day to spot apparent scams and asking hosts to shut them down, as part of an update on its data strategy.
Government plans new APP scam reimbursement regulation
The government plans new regulation on authorised push payment scam reimbursement after a reported 40 per cent rise in the fraud, according to a June 2022 financial news round-up.
- May 2022
Queen's Speech confirms new legislation to force banks to help scam victims
Legislation confirmed in the Queen's Speech on 10 May will force banks to help scam victims, as the regulator plans to extend Confirmation of Payee checks to a further 400 firms by mid-2024.
Treasury announces intention to legislate on APP scam reimbursement
HM Treasury said on 10 May 2022 that it intends to legislate so the Payment Systems Regulator can require banks and payment firms to reimburse victims of authorised push payment scams.
- April 2022
FCA warning list additions up over a third year on year
The Financial Conduct Authority added 1,966 possible scams to its consumer warning list between May 2021 and April 2022, over a third more than in the same period a year earlier.
Scammers target households with fake £150 council tax energy rebate calls
The Local Government Association has warned that cold calls, texts and emails offering a £150 council tax energy rebate are scams seeking bank details from households.
- March 2022
Fraudulent advertising brought into scope of Online Safety Bill
The government brought fraudulent advertising within the scope of the Online Safety Bill when it entered Parliament in March 2022, after campaigning by Which? and others.
- January 2022
CP21/10 APP scams consultation closed
The Payment Systems Regulator's consultation on measures to tackle authorised push payment scams closed on 14 January 2022, with the regulator publishing its response to the proposals.