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Payment card fraud and banking regulation
Transcript of Payment card fraud and banking regulation
15 July 2010, British Library, London What does banking regulation
have to do with crime? Letter denying refund for disputed transactions (American Express) Example of revised terms and conditions for online purchases (Royal Bank of Scotland) Customer financial losses
are not included in bank
fraud statistics “According to the 2008/09 BCS, 44 per cent of respondents who had experienced plastic card
fraud reported they suffered a monetary loss themselves (i.e. some or all of the monetary loss
was borne by the personal account holder).” Debbie Moon et al. 2010, Acquisitive crime and plastic card fraud: Findings from the 2008/09 British Crime Survey Card-not-present Counterfeit Better consumer protection contributes to the prevention and detection of crime Allowing banks to shift liability to customers reduces the banks' incentive to combat fraud Existing fraud statistics are not enough. BCS results show that further investigation is needed Specifically, consumer protection Source: APACS 2010