on Payment Systems Regulator
Payment Systems Regulator Announces Latest APP Scams Performance Report
The Payment Systems Regulator (PSR) has published its second annual performance report on Authorised Push Payment (APP) scams for 2023. The report highlights an increase in reimbursement rates and a decrease in fraud value.
In 2023, there were 252,626 cases of APP scams reported, totaling nearly £341 million. Despite the overall improvements in reimbursements, the likelihood of recovering funds still varies significantly depending on the bank. Nationwide led in reimbursement rates, fully covering 96% of cases, while AIB lagged with just 3%.
The report also reveals the volume and value of funds lost and received due to APP scams. Smaller firms such as Skrill show disproportionately high rates of received fraudulent payments compared to larger banks. New mandatory reimbursement measures, effective from October 2024, aim to enhance consumer protection further.
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