UK Payments Administration

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UK Payments Administration

A trade organization in the United Kingdom that provides banks, credit card companies, and other financial institutions with a forum under which they can process payments and work together in areas in which they do not compete. It sets national standards for debits, standing orders, and other types of payments. It organized and oversaw the UK's transition to the chip and PIN system. It was known as the Association for Payment Clearing Services (APACS) until 2009.
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A spokesman for the Association for Payment Clearing Services (APACS) said the finance sector was investing pounds 1 billion to finance innovative new schemes to fight credit card and banking fraud.
The Association for Payment Clearing Services (APACS) continues to try to fight this rising tide of fraud by offering 50 [pounds sterling] rewards to retailers and staff who "capture" fraudulent cards under its Card Watch scheme.
The Association for Payment Clearing Services (APACS) reports that checks presented in the UK decreased by 5.
The Association for Payment Clearing Services (APACS) warns Brits with the new style credit and debit cards that signatures are no longer accepted in these two popular destinations.
The rise is attributed to fraudsters increasing their activity before the security benefits of chip and PIN are fully realised, the Association for Payment Clearing Services said.
Sandra Quinn, of the Association for Payment Clearing Services, said: 'We are a nation of card users and the industry wants to make sure we all have the information we need to understand how they work and to use them wisely.
Sandra Quinn, director of corporate communications for the Association for Payment Clearing Services (APACS), said criminals install a pin hole camera underneath the top of the cash point to record a person's PIN number as they key it in.
Sandra Quinn from the Association for Payment Clearing Services, which is spearheading the scheme, says: "Chip and PIN isn't the silver bullet for all card fraud but it will eradicate counterfeits at a stroke because the chip can't be cracked.
The recommendations have been adopted by banks, building societies and the Association for Payment Clearing Services.
Retailers are losing 300m [pounds sterling] a year through credit card freud, the Association for Payment Clearing Services has warned.
The Association for Payment Clearing Services says current cards are easy targets for criminals, who are becoming more sophisticated in their efforts to copy cards.
The 1999 level was 40 per cent up on the previous year, the Association for Payment Clearing Services (APACS) has revealed.
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