Authorised push payment (APP) fraud occurs when a fraudster tricks someone into sending a payment to an account that is beyond their control. There are more incidents of fraud than of any other crime type in the UK, and APP fraud accounted for 40% of fraud losses in 2022.
In what it claims is a significant step towards greater transparency, the Payment Systems Regulator (PSR) has published 2022 data (from 1 January 2022 to 31 December 2022) covering:
The data includes the UK’s 14 largest banking groups (directed firms), along with nine smaller firms that were among the 20 firms seeing the most APP fraud (non-directed firms).
This means that, for the first time, consumers will be able to see in detail how well their bank has performed in tackling APP fraud, and how it has treated victims in the last year, compared with other UK banks and payment firms.
A dedicated page on the PSR’s website shows the comparison data along with its full downloadable report. The regulator says it will continue to collect data from payment firms over the next 12 months and will publish a second report on 2023 next year.
To ensure more consistent consumer protections are in place, the PSR has also been pushing forward with mandatory reimbursement requirements for victims of APP scams, which will come into force in 2024.
The PSR has also made a number of other interventions to encourage improved data sharing and to spot and prevent scams. It is also rolling out a name-checking service, Confirmation of Payee.
Links: https://www.psr.org.uk/information-for-consumers/app-fraud-performance-data/