The Coming Shift: How the U.K.’s Authorized Push Payment Rules Can Prepare U.S. Banks for the Future
Blog post from Socure
Authorized push payment fraud is drawing increased regulatory attention in the United States as the CFPB considers liability rules, while the financial industry pursues self-regulation. The United Kingdom’s October 2024 framework, which requires reimbursement within five days for relevant Faster Payments fraud and divides liability between sending and receiving institutions, is presented as a potential case study for U.S. organizations. Financial institutions are encouraged to strengthen fraud controls by monitoring customer and transaction risk, identifying unusual payee changes, verifying and collecting information on high-risk payees, and detecting receiving accounts associated with money mules or synthetic identities. The text also emphasizes collaboration with anti-money-laundering teams, customer education, analytics for identifying risky counterparties, and enhanced security products as proactive measures that can reduce losses, protect customers, and support institutional resilience.
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