The move to Global Instant Payments is underway. X/Twitter platform has 23 US state Banking licences. Verification of bank account is mandatory in UK and EU from Oct 2024. Will social platforms join the trend?
Boost for anyone being scammed by push payments from their bank accounts commencing 2024. Reimbursements to be within 5 days of which your bank pays. Then your bank receives 50% from the receiver bank.
Reimbursements to double as the UK payment industry will need to comply
Check out my latest article: UK Supreme Court, July 2023, only when validity of instruction is unclear will the bank have a Duty of Care. https://t.co/K8d577d7Lq via @LinkedIn
Rise of Instant Payments, Global platforms: action please https://t.co/vBCIjIzpKi via @LinkedIn
Having two real time systems in the UK – CHAPS and Faster Payments - is a bonus with fungible CBDC and NFT
Unfortunately, fraudsters’ first choice is instant payments.
Will Payment Service Providers (PSP) prosper going forward?
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As domestic payment fees 'go towards zero', how will PSP make money from the payments business if the PSP is a non-bank and is OpenBanking an opportunity or challenge?
Rephrasing Admiral Nelson famous quote from the Battle of Trafalgar:
“regulators, Police and Board Member participants in the fraud chain Board are mandated to do their duty of care”
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Check out my latest article: Instant Payment Regulations https://t.co/uO7drC0OvI via @LinkedIn
UK/EU bringing additional trust to using moving money in seconds and set new operating, fraud prevention and reimbursement standards fit for the digital age.
Ideal for being bought
Check out my latest article: Justice for APP Fraud scams https://t.co/goWIhStxME via @LinkedIn
Who should be liable for the monies being scammed out of bank accounts using faster payments? (Authorised Push Payment Fraud: APP Fraud)
Check out my latest article: Authorised Push Payment (APP) fraud grew 39% in 2021 with little justice so who shot the Sheriff?
The answer may surprise you.
Special thanks to Bob Marley for the inspiration
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Banking scams come in many disguises and are inextricably linked to the counterparty, commonly referred to as the Payee in a bank payment transaction.
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In developing an effective payment technology to deal with APP and banking fraud, it is of the utmost importance to Know Your Payee.
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With financial scams - Something is rotten in the state of Denmark - the ghost in this case is the fraudster
Check out my latest article: Scamdemic – vulnerable, with little protection and few arrests https://t.co/BB320574Am via @LinkedIn