The Payment Systems Regulator (PSR) has just released an important update aimed at strengthening protection against Authorised Push Payment (APP) fraud within the Faster Payments system. This new policy introduces a reimbursement requirement that brings significant benefits to consumers and businesses alike.
📖 Read the full release here: PSR Release – Fighting Authorised Push Payment Fraud
Under the new policy, payment firms will be obligated to reimburse all eligible customers who become victims of APP fraud in most cases. This represents a significant step forward in ensuring consumer confidence and trust in payment systems. Additionally, the cost of reimbursing victims will be shared equally (50:50) between the sending and receiving payment firms, promoting accountability and cooperation.
The PSR’s commitment to customer protection extends further, as the new policy also includes additional safeguards for vulnerable customers. This reinforces the importance of inclusivity and ensures that everyone benefits from the same level of security.
One notable aspect of the policy is the requirement for sending Payment Service Providers (PSPs) to reimburse affected customers within five business days. This timely reimbursement plays a vital role in alleviating financial burdens and restoring peace of mind to victims of fraud. It’s worth noting that while the policy focuses primarily on Faster Payments, the Bank of England is actively seeking comparable outcomes for CHAPS.
At Technoxander, we understand the significance of these developments and remain dedicated to combating APP fraud. Confirmation of Payee (CoP) is one of the key tools endorsed by the PSR, and we are proud to excel in its implementation.
🔒 Trust Technoxander to Safeguard Your Transactions 🔒
As APP fraud becomes increasingly sophisticated, it is crucial to have robust security measures in place. Technoxander specialises in implementing Confirmation of Payee to protect you, and your customers and prevent fraudulent activity. Our cutting-edge solutions ensure that every payee can be name-checked, providing an additional layer of security for your organisation and customers.
Protect your organisation and customers from the growing threat of APP fraud. Contact us now to learn more about our industry-leading solutions and how we can help you implement Confirmation of Payee effectively.
Together, let’s build a safer and more secure payment ecosystem!
