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APP Scam/Fraud Repayment In The UK Moves A Step Further
By SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc., portions PSR
UK’s PSR Takes First Step In Implementing New APP Scam Refund/Reimbursement Requirements
Today, the United Kingdom’s Payment Systems Regulator (PSR) has published its consultation on two of its draft directions which are the legal means to put its new Authorized Push Payments APP scam reimbursement requirements in place. This marks the start of the regulator’s plans to implement new requirements that will see mandatory reimbursement for victims of APP scams.
In June, the regulator set out its requirements for tackling APP scams and improving protections for victims of these frauds. These include:
- New rules in Faster Payments – the payment system across which the vast majority of APP fraud currently takes place – strengthening Pay.UK’s ability to tackle fraud.
- All payment firms will be incentivised to take action, with sending and receiving firms splitting the costs of reimbursement 50:50.
- Customers will be more protected under consistent minimum standards, with most APP fraud victims being reimbursed within five business days and additional protections offered for vulnerable customers.
- Industry will have clearer guidance to follow, including around the ability to apply a claim excess and maximum level of reimbursement, which the PSR will consult on later this year.
The PSR said it would seek views on the legal means by which the new changes will be enforced and focuses on the detail of two of the three legal instruments.
The first requirement looks at the rule changes needed to be applied within the Faster Payments System (FPS) – which is how people can make a payment from one account to another. The second requirement focuses on making sure Pay.UK, the operator of the FPS, has an effective monitoring regime that will measure whether payment firms are consistently complying with the reimbursement requirements.
The PSR has also published the draft details of the general direction that will see all payment firms reimbursing victims of APP scams. This third direction will be consulted on separately in October.
The PSR wants these requirements to be in place for consumers as soon as possible and is proposing an implementation date of 2 April 2024. This is likely to be a challenging target for firms, and the PSR welcomes views on what is required for operational readiness but would not expect implementation to be any later than Q2 2024.
Chris Hemsley, Managing Director of the PSR says:
“This is a broad package of measures to tackle APP scams and protect victims of these frauds.
“Our directions will put clear requirements and incentives in place to not only ensure payment firms improve how they stop fraud, but also make sure victims are treated fairly.
“By consulting on these directions now, we are sending a clear signal that we are moving to implement these proposals as soon as possible.”
What Happens Next?
- In August the PSR will consult on the maximum level of reimbursement and claim excess and additional guidance on the customer standard of caution (gross negligence).
- In October, the PSR will consult on the draft general direction which will be given to all payment firms, requiring reimbursement for APP scams victims.
- By the end of 2023 the PSR will publish the claim excess and maximum level of reimbursement, additional guidance on the customer standard of caution (gross negligence) and all legal instruments.
- In 2024 the new reimbursement requirement will come into force.
Resources:
More:
- CP 23/4: APP fraud reimbursement requirement – draft legal instruments | Payment Systems Regulator (psr.org.uk)
- UK Identifies Meta As Responsible For 61% Of APP Fraud (scamsnow.com)
- Bank Account Takeover Fraud Can Happen To You! A Victim’s Story! (scamsnow.com)
- Walmart Facilitated Scams According To The FTC (scamsnow.com)
- A Proposal from SCARS to Reduce Bank Wire/Money Transfer Fraud (scamsnow.com)
- The Cost Of Global Cybercrime (scamsnow.com)
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These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens, and then they can learn how their mind works and how to overcome these mechanisms.
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All articles about psychology and the human brain on this website are for information & education only
The information provided in this and other SCARS articles are intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
Note about Mindfulness: Mindfulness practices have the potential to create psychological distress for some individuals. Please consult a mental health professional or experienced meditation instructor for guidance should you encounter difficulties.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here
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