PSR Publishes Findings on APP Reimbursement Implementation

The requirement came into effect on 7 October 2024, mandating UK payment service providers (PSPs) to reimburse most APP scam victims.

Key findings from the review include:

➡️ A high proportion of APP scam victims are being reimbursed by a large number of PSPs;

➡️ Since the obligation was introduced, the anticipated surge in claims has not materialised, despite some initial concerns;

➡️ Due to the split nature of reimbursement responsibility, collaboration between PSPs increased in the period.

✅ PSPs should review their management information related to APP fraud and reimbursements to identify opportunities for strengthening their fraud prevention frameworks.

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