PSR responds to UK Finance's annual fraud figures for 2017
Today, UK Finance has published its annual fraud report for 2017 which includes information on authorised push payment (APP) scams.
Our work on payment scams showed that there simply wasn’t good enough information about the size and nature of these scams. We asked the banks to change that and we are now getting a glimpse of the true extent of APP fraud. Better data is one of the pillars of our work to tackle payment scams so these statistics, and future statistics, will play a key role in helping banks, regulators and consumers better understand and prevent these crimes from taking place.
We’re encouraged by these figures, but more can be done and we’re working hard with the banks and consumer groups to deliver better protection and greater reassurance for those affected.