PSR: World-Leading Fraud Protection, but at What Cost?
Spotlight on PSR rules changes
As the UK takes the world stage, leading the way on customer protection around fraud with the Payment System Regulator’s (PSR) reimbursement model, there are serious concerns from the payments industry around levels of preparedness and around the potential for unintended consequences.
Janine Hirt, Innovate Finance CEO, joined us at our flagship event Trust:Live to share her thoughts on some of the key concerns, including whether the rules are achievable within the timescale; whether thresholds are too high; and how companies can ensure their treatment strategies don't result in more friction for good customers or else, for instance, de-banking unwitting money mules.
This insightful session covers:
How there are two aspects to the deadline: the reimbursement model for customers and the ecosystem that sits behind this, and why the distinction is so important right now against such a tight deadline.
The arguments for lowering the reimbursement cap from £415k to £85k in an effort to safeguard financial services innovation while also protecting consumers.
Whether it is fair that the burden of fraud liability rests entirely with financial services organisations when tech platforms and telco companies appear to be hotspots for fraud.
