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.
💡 Plenitude’s Fraud Prevention Services provide independent, expert assessments that help organisations enhance fraud detection, minimise losses, and deliver a smoother, more secure customer experience. Visit our website for more information: https://www.plenitudeconsulting.com/services/fraud-prevention-services