PSR Sets Out Progress on Work to Tackle Payment Scams

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The Payment Systems Regulator (PSR) has published a report on its work to protect consumers from authorised push payment (APP) scams

– where people are tricked into sending money to a fraudster.

The PSR is also launching a consultation on a ‘contingent reimbursement model’ it believes should be introduced to compensate victims in certain circumstances. All this work should, together, lead to better protection from scams and better support for victims.

“APP scams are a crime which can have a devastating effect on its victims. The new robust statistics published by UK Finance show that in the first six months of 2017 alone over 19,000 victims were a target of APP scams involving a total amount of over £100 million”.

The report explains the work the PSR has led, working with the Financial Conduct Authority (FCA) and industry over the past year to reduce the harm from these scams.

Authorised Push Payment Scams

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