PSR publishes policy statement on 2024 APP scams data

The UK Payment Systems Regulator (PSR) has published a policy statement outlining its approach to publishing authorised push payment (APP) scams data for 2024.

In 2025, the PSR will take a different approach to publishing the data, following the introduction of the reimbursement requirement on 7 October 2024, which ensures victims of APP scams are reimbursed in all but exceptional cases. As a result, the PSR is planning to publish two separate data updates for 2024, as data before and after the policy took effect cannot be directly compared. The first report will cover APP scams where the fraudulent transaction took place over Faster Payments before 7 October 2024 and the case was closed between 1 January and 31 December 2024. The second report will cover APP scams where the fraudulent transaction took place after 7 October 2024 and the case was closed between 7 October and 31 December 2024.

The PSR also confirms that it intends to publish a call for views in Spring 2025 to ensure that its future reporting aligns with consumer needs, regulatory requirements and its commitment to transparency. Considerations will include whether the PSR reports at the firm or industry level, the frequency of future reporting and the potential inclusion of additional metrics.

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