- The regulator wants to see greater transparency on how financial firms are treating victims of APP scams
- Banks to report to the PSR by May 2023 with the first publication due in October 2023
Today, the PSR has published its latest consultation on guidance to support payment service providers (PSPs, like banks and building societies) with providing correct data when they report their Authorised Push Payment (APP) scams data to the regulator.
The PSR wants to see better protections for everyone from APP scams and last year consulted on a suite of measures, including a requirement on financial institutions to report on the number, value and reimbursement rates to victims of these devastating crimes.
In its latest consultation, the PSR is seeking views on guidance for PSPs who will be required to publish data on their performance on APP scams. The PSR sets out that the reporting will continue to develop over the coming months to make sure there is a clear picture of how financial institutions are performing.
Kate Fitzgerald, Head of Policy at the PSR, said:
“People should know how well their banks and building societies will protect them if they were ever to fall victim to an APP scam. Our reporting requirement is one of a suite of measures we have proposed that will help tackle the problem of APP scams.
“For the first time, when banks start to publish their data, people will be able to judge whether theirs is doing enough to protect them from fraud. This means everyone will be able to decide which organisation is going to give them the best protection and service.”
The data will be collected and published on a six-monthly basis with the first submission by firms due in May 2023. The PSR will collate and then publish the first report by October 2023. This will mean that, for the first time, everyone will be able to see how well financial institutions treat people should they fall victim to an APP scam.
The latest consultation from the PSR closes on 23 February 2023 and the reporting requirement will be given formally in March 2023.
Notes to editors:
- The PSR consulted on a suite of measures to prevent APP scams and protect people if they do fall victim in November 2022. These changes can happen as a result of new laws as part of the Financial Services and Markets Bill which will allow the PSR to make reimbursement mandatory.
- The reporting requirement will initially see data in the following areas being published:
- The proportion of APP scammed customers who are left out of pocket.
- Sending PSPs’ APP scam rates, as a measure of fraud incidence at the PSP.
- Receiving PSPs’ APP scam rates (not including any money that has been returned to the victims).