New rules set by the Payment Systems Regulator (PSR) will require UK banks to provide transparent data on how they are protecting customers from push payment fraud.
Finextra highlighted how APP scams are a ‘major problem’ in the UK, with there being over 95,000 incidents of APP crimes in the UK in the first half of this year.
In November last year, the PSR consulted on a package of measures to tackle APP scams. These focused on the publication of scam data, industry efforts to improve intelligence sharing and mandatory reimbursement for APP scam victims.
The watchdog has now unveiled a consultation on how the technical process for the collection of scam data, which will show for the first time how well companies are protecting customers.
The data the regulator will require banks and building societies to provide covers the proportion of victims who are left fully or partially out of pocket, as well as the rates of APP scams happening at both sending and receiving banks or building societies.
Kate Fitzgerald – the head of policy for PSR – said the publication of this data will ‘dramatically’ increase the information available to customers about how well their bank or building society is doing in tackling scams and reimbursing victims.
She added, “Banks and building societies should be transparent not only about how many of their customers have fallen victim to an APP scam, but also how they have treated those people.
“As well as giving customers more information to choose which bank or building society they want to use, the publication of this data will encourage banks and building societies to do more to help people.”
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