The Payments System Regulator (PSR) has today published their policy statement outlining the new requirements for reimbursing victims of APP fraud within the Faster Payments System.
The new reimbursement requirement is underpinned by several key policies. It will:
- Require payment firms to reimburse all in-scope customers who fall victim to APP fraud in most cases
- Share the cost of reimbursing victims 50:50 between sending and receiving payment firms
- Provide additional protections for vulnerable customers
The new reimbursement requirement will apply to all Payment Service Providers (PSPs) within scope of the policy, including smaller payment firms.
The new reimbursement requirement will come into force in 2024. The PSR will consult on a specific start date alongside their draft legal instruments in early Q3 2023.
The PSR expects firms to "start work now" to implement the new rules. To support firms' understanding of the new reimbursement requirement, the PSR will be hosting two "overview sessions" on 20 and 22 June.
Learn more
PS23/2 Fighting authorised push payment fraud: a new reimbursement requirement (psr.org.uk)
