UK REGULATOR REJECTS CALL TO DELAY TO APP FRAUD REIMBURSEMENT
June 22nd, 2024
The UK’s Payments Systems Regulator (PSR) has rejected a June 10 plea from industry group the Payments Association for a year’s delay to this autumn’s start of mandatory reimbursement for victims of authorised push payment (APP) fraud. Under rules released in December (1), the sending and receiving payment services providers (PSPs) will split the costs of reimbursing victims tricked into approving payments to scammers up to GBP415,000 (USD530,358) for each claim 50-50 but can withhold up to GBP100 (USD128) excess, unless the customer is considered ...
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