TechnoXander 165 Strategic Imperatives for Banks
Strategic Imperatives for Banks in Tackling the Dual Challenge of APP Fraud: Sending and Receiving Fraudulent Payments

Payment Systems Regulator (PSR) initiated transformative measures to address the surging threat of Authorised Push Payment (APP) fraud within the UK's faster payments system. This article delves into the complex landscape banks face in sending and receiving fraudulent payments. With APP fraud causing over £480 million in losses to 200,000 consumers in 2022, the PSR's forthcoming rules, effective October 2024, introduce a paradigm shift. The PSR's three-pronged approach focuses on consistent reimbursement, enhanced victim protection, and incentivising proactive fraud prevention. Banks grapple with operational challenges, emphasising the need for collaboration, enhanced capabilities, and adaptability in navigating the evolving regulatory landscape.

TechnoXander 157 Transparency Initiative
Exciting Transparency Initiative – PSR APP fraud performance data!

For the first time, the Payment Systems Regulator (PSR) unveils a ground-breaking transparency initiative, sharing comprehensive data on Authorised Push Payment (APP) fraud. This data allows users to assess their banks' performance in reimbursing victims and handling fraudulent transactions, empowering informed decisions. The report recognises leaders like TSB and Nationwide, praising their commitment to customer protection. It delves into various metrics, revealing trends, challenges, and priorities across different financial institutions, shedding light on the complex landscape of APP fraud in the UK.