What New Government Regulations Mean for Banking Institutions
A Virtual Chocolate Tasting Session
Successfully Held on 28th September 2023
Presented by
Here’s what we discussed:
Under the new changes by Payment Systems Regulator, banking institutions are liable for the steps they take (or don’t take) to combat various types of widespread fraud. Two especially common types are friendly fraud and authorized push payment fraud. The Financial Services and Markets Act 2023 will require UK banks and payment companies to reimburse victimes of Authorised Push Payment (APP) fraud; This significant new level of protection is a world first in the battle against APP fraud, but is expected to be replicated in other countries as well.
APP fraud has quickly become one of the most significant types of fraud globally, with losses totalling nearly £500 million in 2022.
At this roundtable and virtual chocolate tasting, we discussed how companies are combating these fraud types with a multi-tiered digital identity/authentication tech stack. If anyone has built their own identity/authentication framework, we heard the pros and cons of that approach.
AGENDA
16:00 – 16:10
Session & Participant Intro
16:10 – 16:30
Guided Chocolate Tasting by an Expert
16:30 – 17:10
Interactive Discussion on the Topic
17:10 – 17:30
Closing
Participation in this Virtual Chocolate Appreciation is free of charge to qualified attendees. Once you’ve completed the registration, we’ll confirm your invitation and send you a calendar invite with a link to the meeting.