SOME UK BANKS STILL FAILING TO REIMBURSE APP FRAUD VICTIMS
August 8th, 2024
Some British banks are still failing to reimburse victims of authorised push payment (APP) fraud, under the voluntary scheme that will be replaced on October 7 by mandatory reimbursement, the UK Payment Systems Regulator (PSR) has claimed in its latest annual report (1).
Clients of the UK’s 14 largest banks lost GBP341 million (USD434 million) to APP fraud in 2023, a 12% drop in value compared to 2022. But the 252,600 cases represented a 12% rise in volume, driven by a 32% hike in purchase swindles, which made up 70% of all APP fraud, and 25% of losses ...
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