Cifas responds to PSR consultation on the reimbursement of APP scam victims

The Payment Systems Regulator yesterday published a consultation proposing the reimbursement of all Authorised Push Payment (APP) scam victims unless they have committed fraud or acted with ‘gross negligence’. It has also proposed that the cost of reimbursement be split equally between the sending and receiving payment service provider.

Responding to the consultation, Mike Haley, CEO of Cifas said:

‘These proposals highlight the critical importance of integrating fraud checks within the customer journey, as well as the effective sharing of data between organisations to prevent crime and protect victims.

‘Fraud is on the rise, and already this year we are seeing cases filed to the National Fraud Database rise almost twenty percent when compared to 2021. Undoubtably, the current economic crisis will create new opportunities to commit fraud, and so I expect we will see many more members of the public targeted by criminals intent on stealing money and personal information.

‘By sharing fraud data, our members prevent over £1bn each year being lost in fraud to organised crime and criminals. We continue to work to make an even greater impact on fraud and financial crime by creating new solutions that will better scrutinise payments, protect consumers from APP scams and prevent these losses before they occur.’

ENDS

Notes to Editors

• Payments System Regulator consultation: CP22/4: Authorised push payment (APP) scams: Requiring reimbursement | Payment Systems Regulator (psr.org.uk)

About Mike Haley

Mike has more than 30 years' experience of tackling and preventing fraud across the public, private and not-for-profit sectors, including considerable experience directing investigations, as well as developing prevention and detection strategies. He has led investigative teams in the NHS, Ministry of Defence, Office of Fair Trading, HM Revenue & Customs and Solicitors Regulation Authority. He also worked at the National Fraud Authority directing cross sector fraud prevention strategies including on mortgage fraud and identity crime. He joined Cifas as Deputy Chief Executive in May 2015, and became Chief Executive in May 2018.

About Cifas

Cifas is the UK’s fraud prevention service. We lead the fight against fraud by sharing data, intelligence and learning. The organisations that collaborate with us are drawn from all sectors, operating in both the public and private sectors working together to stop fraud. A full list of our members can be found on our website.

Cifas data is included in the Office of National Statistics England and Wales Crime Statistics of police recorded crime and works alongside law enforcement agencies in tackling fraud.

Organisations that work with Cifas, contribute to and benefit from the UK’s largest databases of fraud risk data and intelligence. We are committed to the principle of collaboration, which connects and drives our community, and enables the sharing of:

Data

We enable the secure sharing of high quality, trusted data to fight fraud. Our databases are the most comprehensive and diverse sources of fraud risk data in the UK.

Intelligence

We provide research and dynamic intelligence that influences the threat picture and strengthens the response against fraud.

Learning

We are a leading provider of accredited education and trusted training.

For further information, please contact:

Ione Gyamfi, Press & PR Manager, Cifas
020 4551 7956
ione.gyamfi@cifas.org.uk

Contact us at press@cifas.org.uk