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Fast Payment Systems - open to fraud?

Further to my note yesterday about the bank's fast payment system (FPS) which started being phased in from today onwards, it occurred to me today that, if a payment leaves an account and is drawable on the destination account within two hours - and that service is available 24x7 - it's a recipe for utter disaster on the fraud front.

Under the current BACS program, if a fraud is discovered, usually by the account holder realising their account has a lot less than they it should, the banks can stop a payment in transit, provided it's done within two working days.

Under FPS this isn't possible.

It perhaps explains why the banks have been progressively changing their terms and conditions, as well as their approach to fraud, in the last year or so.

For example, a growing number of banks now insist as part of their T&Cs that customers keep their IT security software up to date.

This presumably means that, in the event of a fraud, the bank will require the user to prove that they have an active sub to a popular IT security application.

And if a second fraud hits the account - well you can guess the bank's attitude to this.

All this makes me wonder if it's possible to opt out of the FPS program for an account? Otherwise, your account could be drained irretrievably within a few hours any time of the day or night.

Clearly the banks haven't though this one through. Or maybe they have...