High variance in APP fraud reimbursement rates at major UK banks, finds regulator

Some British banks are still failing to reimburse a high proportion of their customers who fall victim to authorised push payment (APP) fraud, under the voluntary scheme that will be replaced on 7 October by mandatory repayment, the UK Payment Systems Regulator says initslatest annual report.

By Sara Lewis

Some British banks are still failing to reimburse a high proportion of their customers who fall victim to authorised push payment (APP) fraud, under the voluntary scheme that will be replaced on 7 October [2024] by mandatory repayment, the UK Payment Systems Regulator (PSR) says initslatest annual report. [1]