Financial Services
In an age of digitisation, financial fraud has resulted in billions lost worldwide. Directly affected by these losses are consumers, businesses, and financial institutions (FIs). UK Finance reports a £459.7 million loss in 2023 due to APP scams. Despite the reduction in figures with the expansion of Confirmation of Payee, the number of cases continues to grow yearly. In July 2024, the PSR published a draft for PSPs. This was due to rising scams and a £415,000 reimbursement limit. It defines the differences between APP scams and civil disputes for claims for payments made via Faster Payments and CHAPS. This blog analyses a report for PSPs on APP fraud and civil disputes. It is for assessing reimbursement claims.
