APP fraud is a significant issue and can have a devastating impact on victims. The PSR is taking a leading role in improving outcomes for consumers by introducing new protections for victims of APP scams, while incentivising industry to implement enhanced fraud prevention tools. When the PSR published its requirements for payment firms to reimburse
Today the Payment Systems Regulator (PSR) has published its Annual Plan and Budget, setting out its key aims, activities and costs for 2024/25. The Annual Plan highlights that this year, the third of its five-year Strategy, will be an important one for consolidating the delivery of the PSR’s valuable work to improve payments for people and
The PSR today confirms the appointment of Lara Stoimenova as non-executive director to its board. She will take up her post on 7 March 2024. Lara brings experience from a wide range of sectors including digital and telecoms in both an executive and non-executive capacity. In looking at the current opportunities and challenges facing payments
Reimbursement rates increased, while fraud value decreased. In 2023 victims reported 252,626 cases of APP scams totalling almost £341m. Reimbursement for victims still depends largely on who they bank with. Latest figures released today by the Payment Systems Regulator (PSR) track the performance of payment firms in tackling Authorised Push Payment (APP) scams and reimbursing
New reimbursement requirement comes into force on 7 October 2024 Upper claim limit will match the FOS upper limit of £415,000 and a claim excess of no more than £100 may be applied Finalised consumer standard of caution outlined The PSR is leading the way globally by introducing consumer protections against Authorised Push Payment (APP)
