News & Analysis as of

Reimbursements United Kingdom Fraud

A&O Shearman

PSR consolidated policy statement on APP scams reimbursement requirement

A&O Shearman on

The UK Payments Systems Regulator (PSR) has published a consolidated policy statement (PS25/5) concerning the authorised push payment (APP) fraud reimbursement requirement within the Faster Payments system, which came into...more

A&O Shearman

PSR update on impact of APP fraud reimbursement scheme

A&O Shearman on

The UK Payment Systems Regulator (PSR) has published an update on what it has seen since the implementation of its authorised push payment (APP) fraud reimbursement scheme in October 2024. The data covers UK payments made via...more

Hogan Lovells

UK APP fraud: What in-scope PSPs need to know about the new mandatory reimbursement regime

Hogan Lovells on

Over the past few years, the Payment Systems Regulator (PSR) and Bank of England (BoE) have published a huge number of consultations, guidance documents and specific directions outlining the requirements under the new regime...more

BCLP

Mandatory Reimbursement for App Fraud: What Payment Service Providers Need to Consider Ahead of Implementation

BCLP on

The controversial new requirement for all in-scope Payment Service Providers (“PSPs”) to reimburse victims of Authorised Push Payment (“APP”) fraud are due to be introduced from 7 October 2024. This is a significant change...more

Skadden, Arps, Slate, Meagher & Flom LLP

New Rules To Tackle Authorised Push Payment Fraud

Authorised push payment (APP) fraud in the UK is the largest type of payment fraud, both in number of scams and value of losses. It involves a fraudster convincing someone to send a payment to a bank account that the...more

BCLP

Play Safe - How scam-proof are you in the new world of mandatory reimbursement for APP fraud?

BCLP on

Imagine this – a customer submits a payment instruction directing that all their life savings are transferred to a third-party account for the purposes of an investment. What do you do? While the scenario may appear...more

Hogan Lovells

APP fraud mandatory reimbursement: UK PSR publishes final policy for 7 October 2024 go live date

Hogan Lovells on

On 19 December 2023, the Payment Systems Regulator (PSR) published its final policy statement on fighting authorised push payment (APP) scams alongside three legal instruments that will give effect to the new mandatory...more

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