JAMES CORCORAN , CHIEF GROWTH OFFICER , KX

Anti-fraud regulations for the banking space As part of a drive to prevent increasing rates of fraud within the financial space , the UK – the world ’ s second largest fintech hub – is exploring the introduction of a national fraud strategy .

In response to the Labour party ’ s calls for a national fraud strategy Daniel Holmes , SME Fraud Prevention at Feedzai , explains that such a move is needed because fraud losses continue to increase year-on-year .

“ Money lost to fraud and scams has long been cited as a risk to national security , but now more than ever , as we enter more economic hardship , it is becoming clearer that the impacts on consumers themselves are just as devastating .”

He continues : “ Banks typically receive the majority of the burden when it comes to regulatory change , but the bill proposal shouldn ’ t overlook the fact that there are many other parts of the payments and digital ecosystem that play a key role during a scam .”

Holmes goes on to explain that the latest Payments Systems Regulator ( PSR ) regulation announced in October is a positive step in the right direction , as the proposed changes will force banks to work as a collective more than ever before .

fintechmagazine . com 99