⚡️United Kingdom 🇬🇧: Payment Systems Regulator Updates Five-Year Strategy

⚡️United Kingdom 🇬🇧: Payment Systems Regulator Updates Five-Year Strategy

The updated version of a five-year plan initially launched in 2022 focuses on user protection and promoting competition in the payment sector. Three years later, the Payment Systems Regulator (PSR) introduces specific measures addressing fraud protection in apps, open banking promotion, and card fee reviews.

▶️ The strategy reaffirms its commitment to working alongside the Central Bank to modernize the faster payments infrastructure, reform Pay.UK, and assess the long-term needs of the retail infrastructure.

▶️ However, skepticism persists. Critics argue that the division of responsibilities for fraud prevention remains a challenge for PSPs (payment service providers) and that the regulator has not effectively addressed this issue. Some suggest that PSPs must collaborate collectively to resolve the problem.

▶️ Worrying figures: In 2024, fraud losses in the UK reached £11.4 billion, with an average loss of £1,443 (USD 1,818) per victim. Despite this, 71% of Brits did not report fraud cases (a 5% increase compared to 2023), reflecting growing dissatisfaction with authorities' ability to combat such crimes.

#news #Europe #fraud

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