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Listed financial companies in the UK detected and prevented GBP 1.8 billion in fraudulent transactions last year. However, now, during the coronavirus outbreak, there is a trend towards an increase in cases of payment fraud, especially online.

If you intend to start a financial activity in the UK, you may find this material useful to take the necessary measures and protect yourself from criminal activity in this area.

Caution: scammers!

Naturally, during the pandemic and quarantine measures restricting movement, the volume of cash payments fell and the number of online transactions increased significantly. But fraudsters became more active along with them. Fraud often manifests itself in the theft of the cardholder's identity. More than half of all cybercrimes are committed with the intention of obtaining data. At the same time, in the case of attacks on individuals, the main type of stolen information is accounts and bank card data.

And what is very important, criminals are constantly working to make it easier and more impunity to obtain this data. This, in turn, makes it difficult for Payment Service Providers (PSPs) to identify fraudulent payment transactions.

PSP against scammers

Those planning to register a financial company in the UK should pay attention to PSP's commitment to counter payment fraud.

The Payment Services Regulation aims to regulate payment services in the UK and requires payment service companies to authenticate customers to combat fraud. In addition, PSPs must also report to the Financial Conduct Authority (FCA) regularly (depending on the type of UK registered company) any fraudulent activity that has been tracked down.

If you intend to establish a payment system in the UK, it is important to keep in mind that there is a separate supervisory regime for payment institutions and electronic money institutions.


There are different types of PSPs, which means that the obligations that apply to each may vary.

If you are planning to register a financial company in the United Kingdom, you are recommended to first consult on the regulation of financial activities in the UK. For consulting and, if necessary, accompanying services, please contact the IQ Decision UK specialists in a way convenient for you.