‘Faster payments’ enable ‘faster fraud’


Despite some increased bureaucracy that inconveniences customers and staff, the banking industry has been excused both thorough criminal investigation and crippling ISO accreditation.

Richard Emery has proposed a safeguard to limit the facilitation of fraud that will arise from the EC Payment Services Directive.

‘Faster payments’ enable ‘faster fraud’ and the new Payment Services Directive (PSD2) which has already been approved by the European Parliament and is due to be implemented in the UK next year will, in my view, increase the risk.

In response to this risk I am proposing the introduction of a ’24-Hour Delay’ on higher value payments by personal customers to new payees.

Facebook messages and images of cash (pictured) tempt teenagers to launder money for criminal gangs

You can sign up to support his proposal.

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