The UK’s Payment Systems Regulator (PSR) has published its latest consultation on APP (Authorised Push Payment) scams. In an accompanying announcement, the PSR also welcomes the Government’s plans to update legislation around reimbursement.
Earlier this year, the PSR issued a call for views, seeking input on three measures. This latest publication sets out how the PSR is consulting on steps to improve protection against APP scams, by developing on its proposals based on the input received in its call for views published in February 2021.
The PSR proposes to:
- require the major PSPs in the 12 largest banking groups in Great Britain and 2 largest banks in Northern Ireland outside those banking groups to publish data on their performance in relation to APP scams, and reimbursement levels for victims
- task industry to improve intelligence sharing, to improve detection and prevention of APP scams
- wider reimbursement – there should be mandatory reimbursement for victims of scams who have done nothing wrong. While there could currently be challenges with making reimbursement mandatory, we set out two ways of achieving this so that, if the laws are changed, we can act quickly as necessary to bring about the right outcomes.
In addition to these steps, the PSR will consider what further action it could take using its existing powers in the new year.
The consultation is open until 14 January 2022.