A new update is released by the Payment Systems Regulator (PSR) focused on strengthening protection against Authorised Push Payment (APP) fraud under the Faster Payments system. Interestingly, the new policy includes a reimbursement requirement for significant benefits to consumers and businesses alike.
📖Read the full release here: PSR Release – Fighting Authorised Push Payment FraudÂ
According to the new policy, all the payment firms will have to reimburse the respective amount to every customer who becomes a victim of APP fraud. This is undoubtedly a significant step in stabilising customer trust and confidence in the payment systems. However, the reimbursement cost will be equally shared (50:50) between the receiving and sending payment firms to promote cooperation and accountability.
The new PSR policy also focuses on safeguarding vulnerable customers to minimise APP fraud across the country. Overall, the policy ensures that every person benefit with the same level of online security.
One of the main aspects of this new policy is that all respective Payment Service Providers (PSPs) will have to reimburse the affected customers under five business days. The timely reimbursement will help in removing victims’ financial burdens and restoring peace of mind. Though the policy aims primarily on Faster Payments, the Bank of England is proactively seeking comparable outcomes for CHAPS.
At TechnoXander, we understand the importance of the developments in the financial sector. Moreover, our team is completely dedicated to combat APP Fraud to enhance financial security. The Confirmation of Payee (CoP) is one of the main aspects endorsed by PSR that financial institutions and banks can use to minimise transactional risks. And we are proud to excel in its implementation.
🔒Trust Technoxander to Safeguard Your Transactions🔒
The demand of robust security measures is also increasing with the increment in APP Frauds across the country. 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!
