UK PSR publishes one-year impact of APP reimbursement policy on victims

The UK Payments Systems Regulator has published findings of the impact of its authorised push payment (APP) scam reimbursement requirement policy, one year since its implementation. Between October 2024 and June, GBP112 million was reimbursed to victims, with 88% of claimed losses returned, an increase from 66% from the same period in the previous year. Firms resolved 97% of claims within 35 days, and 84% within five business days. Claim volumes fell, indicating improved fraud prevention by firms. However, purchase fraud continues to be a significant issue, accounting for nearly 60% of APP scam cases. The survey also reveals that awareness of the reimbursement policy is low, with 71% of victims unaware of it.

Return to main website.