UK REGULATOR BRINGS IN NEW RULES FOR APP FRAUD REIMBURSEMENT
June 12th, 2023
The UK Payment Systems Regulator (PSR) has spelt out (1) what new mandatory reimbursement requirements mean for British banks and payment companies when customers are victims of an authorised push payment (APP) fraud. The aim is to ensure more people than ever before will get their money back if they fall victim to APP fraud and to prompt more efforts to prevent these frauds from happening in the first place. This significant new level of protection is groundbreaking in the battle against APP fraud, the PSR said. Under the new rules victims will have to get their ...
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