The Payment Systems Regulator (PSR) has published its report and consultation (CP17/2) on authorised push payment (APP) scams. We summarise the background to CP17/2, the work undertaken by the industry and the PSR's recommendations.
The report focuses on three key areas including the industry-led suggestion of a 'voluntary contingent reimbursement model', which the Regulator says will increase consumer protection and minimise instances of APP scams.
With UK Finance announcing that the cost of APP scams reached £101.2m over the last six months, it is vital that the industry engages with the consultation to make sure that the measures proposed are practical and workable.
The consultation period ends 12 January 2018.
Read our update to find out more on the PSR's proposal and what it means for banks and building societies.