UK payments group urges incoming Government to make Big Tech refund fraud victims

This post was originally published on Finextra (Security)

On the day that the United Kingdom heads to the polls to vote in the General Election, The Payments Association has issued a plea to the incoming Chancellor to impose a ‘Tech Levy’ on social media giants to pay for the impact of payments fraud originating from their platforms.

The Association says Big tech companies should be forced to pay compensation to victims of fraud on the basis of the ‘polluter pays’ principle.

The lobby group has also been increasingly vocal on the reimbursement rules set to be introduced by the Payment Systems Regulator which have set a maximum mandatory refund by banks for APP fraud victims to £415,000. The Payments Association is instead calling for the threshold to be substantiallyy watered down to a £30,000 maximum.

The Association has also called for the appointment of a dedicated Anti-Fraud minister who would coordinate cross-departmental activities to ensure all parties bear some responsibility for the evolving threat of fraud.

The Labour Party is currently on course for a landslide victory in today’s polls. Draft plans from the left-leaning party have indicated that it believes the PSR’s rules to be “unfair and unsustainable” and that tech companies should shoulder the burden of

Read the rest of this post, which was originally published on Finextra (Security).

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