By Louise Power, Rachel Elgar
Banking & Finance Litigation specialists Louise Power and Rachel Elgar report on the Payment Systems Regulator’s (PSR) recent proposals for dealing with push payment fraud.
What is push payment fraud?
Payments are described as ‘push payments’ when the payer obtains the payee’s account details and instructs their bank to send (or push) money to it. The opposite ‘pull payment’ is where the payer provides the payee with the relevant account details, and the payee is authorised to take (or pull) funds from the payer’s bank account.