Payment Services Regulation - Fraudulent Payments & Liabilities

Introduction

The requirements on liabilities for fraudulent payments attempt to strike a balance between protection of consumers and burden on payment service providers.

Some of the requirements are mandatory in that they are specified regulatory obligations on payment service providers and others are industry code (for the time being) that payment service providers may sign up to on a voluntary basis.

Given that payment fraud is one of the major issues for the industry (particularly with the ever-increasing acceptance of online payments), it is therefore important for firms to understand what the requirements are and what expectations the regulator has with respect to their implementation.

This short new webinar is primarily directed at authorised payment service providers and their advisors, with a detailed discussion on the liability-allocation requirements (where there was a fraudulent payment) and the issues/debates surrounding some of the requirements.

What You Will Learn

This webinar will cover the following:

• Requirements on fraudulent payments including the industry code
• Allocation of liabilities amongst different payment service providers in the payment chain, such as the account servicing payment service provider, payment initiation service provider, and the recipient payment service provider
• Issues and uncertainties surrounding these requirements
• Possible future developments

This webinar was recorded on 25th April 2022