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Banks face proposals for mandatory APP fraud reimbursement

Compliance Monitor

Banks face proposals for mandatory APP fraud reimbursement

Customer reimbursement levels under thebanks’ voluntary code to tackle Authorised Push Payment fraud have so far provenpatchy and disappointing, so the Payment Services Regulator wants to imposestronger measures in the coming months, reports Denis O’Connor.

If proposals made by the Payment ServicesRegulator (PSR) are confirmed this Summer, banks will be required to compensateall their retail customers who have lost funds due to APP (Authorised PushPayment) fraud. [1] Also, banks will be required to publish statistics aboutthe number and value of customers’ APP fraud claims together with reimbursementdata. Finally, banks will be mandated to share data with each other by adoptinga standardised risk rating template and informing their counterparties of therisk rating of all common transactions.

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