Mandatory reimbursement among proposals to crack down on UK payment scams

 Mandatory reimbursement among proposals to crack down on UK payment scams

The PSR is proposing that the 12 largest payment service provider (PSP) groups in Great Britain, which include most of the UK’s High Street retail banking brands, along with the two largest PSPs in Northern Ireland outside those PSP groups, will have to publish comparative data on levels of  APP scams, on reimbursement levels for their customers that are APP scam victims, and on which PSPs accounts are receiving the fraudulent payments.

Mila Pencheva, financial services expert of Pinsent Masons, said: “We anticipate this is data the designated PSPs already monitor and collect. However, putting this data in the format the PSR expects and ensuring it fully covers the proposed metrics will likely require some operational effort by PSPs”.

“PSPs explicitly caught by the proposals should already be assessing what changes they need to make to their data gathering processes, as well as the associated costs, to comply with the…

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