Authorised push payment (APP) scams are growing to become a major problem in the UK. During the first half of 2022, over 95,000 incidents of APP scams were reported, with losses totalling almost £250m ($307m).

The Payment Systems Regulator (PSR) is now working on a package of measures to tackle the issue and protect people from more scams.

“Our package of measures will help to make sure more APP scam victims are reimbursed and further encourage banks and building societies to have strong fraud prevention measures in place,” said Kate Fitzgerald, Head of Policy at PSR. 

Data transparency

The regulator started looking at APP scams in November 2021. Back then, the work focused on scam data, industry efforts to improve intelligence sharing, and mandatory reimbursement for those affected.

This new consultation focusses on the technical process for the collection of scam data, which will require banks and building societies to provide transparent information on how they are protecting their customers – including the rates of APP scams happening at both sending and receiving fronts.   

“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”, said Kate Fitzgerald.

“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.”

PSR’s consultation closes on January 17, 2023. The regulator will then review the responses before publishing the new rules.