Cifas responds to PSR requirements for reimbursement of APP scam victims
7 June 2023
The Payment Systems Regulator today published its requirements for reimbursement of all Authorised Push Payment (APP) scam victims. APP scam victims will be reimbursed by payment service providers (PSPs) unless they have committed fraud or acted with ‘gross negligence’. The cost of reimbursement is to be split equally between the sending and receiving PSP.
Responding to the new requirements, Mike Haley, CEO of Cifas said:
‘These requirements highlight the critical importance of all PSPs undertaking industry standard fraud checks at all stages of the customer journey, to help avoid scam payments being made to criminals and used to fund other types of serious and organised crime.
‘Fraud continues to rise, with cases filed to the National Fraud Database in 2022 up 14% compared to the previous year. The deepening economic crisis continues to create opportunities for scammers, who prey on members of the public experiencing financial difficulties.
‘Our focus as an organisation is on delivering data, intelligence and learning solutions, to empower organisations to better scrutinise payments, protect consumers from APP scams and wider economic crime, and prevent fraud losses before they occur.’
The full PSR announcement is available here.
Posted by: Cifas Press Team PREVIOUS ARTICLENEXT ARTICLE
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