PSR responds to UK Finance’s annual fraud figures for 2018
Today, UK Finance has published its annual fraud report for 2018 which includes information on authorised push payment (APP) scams.
This report shows an increase in the number of APP scams that were committed. The increase is likely a result of greater awareness of this devastating crime and more effective reporting by additional banks.
Our work in 2018 led to the APP Scams Steering Group producing a voluntary industry code of good practice that marks a significant step up in protecting people from APP scams, and better support for those that become a victim of this devastating crime. Today’s fraud report on APP scams shows why it is so important that the industry code takes effect from 28 May 2019.
We’re encouraged by the progress that has been made to date. Industry is leading on the development of the long-term funding arrangements for reimbursement of consumers in the no blame scenario and the precise arrangements are being finalised. We will continue to work collaboratively with industry to support them in identifying an appropriate arrangement, which we expect to be in place by January 2020.