We are consulting on guidance for PSPs who will have to publish data on their performance on authorised push payment (APP) scams. This will be a requirement of the specific direction that we plan to publish in March 2023.
Why are we publishing this document?
Authorised push payment (APP) scams are a major problem in the UK. We want to prevent APP scams happening in the first place and also protect people who do fall victim to them.
As part of a wider package of measures, from March 2023 onwards we will require certain PSPs to report data to us, and to publish comparative performance data on their handling of APP Scams.
We will review our guidance on reporting and publishing this data at least every six months, updating it when necessary, in line with each half-year reporting period. The reporting template can be found at the bottom of this page in the supplementary files section.
What does this document contain?
We are seeking views on the draft guidance. We are also seeking views on the reporting template.
Directed Participants and the PSR will initially publish the following three metrics:
- Metric A: The proportion of APP scammed customers who are left out of pocket.
- Metric B: Sending PSPs’ APP scam rates, as a measure of fraud incidence at the PSP.
- Metric C: Receiving PSPs’ APP scam rates (not including any money that has been returned to the victims).
This information will help consumers assess each PSP’s performance on APP scams.
We are preparing this guidance to help PSPs provide us and consumers with the correct data, and any additional information that we may need. A key part of this is ensuring that PSPs deliver data consistently – both with each other and across reporting periods.
The guidance will also be a key reference point for chief financial officers or equivalent level senior executives of PSPs who need to provide us with assurance over their data, via a signed statement.
Who should read this document?
This document is relevant to the payments industry, consumer groups and PSPs, particularly those already involved in our work on APP scams. This guidance will be particularly relevant to both sending and receiving PSPs.
What happens next?
We welcome your views on the draft reporting guidance and draft reporting template.
The consultation is open until 5pm on 23 February 2023. You can email your comments to email@example.com or write to us at:
APP scams team
Payment Systems Regulator
12 Endeavour Square
APP scams data collection template
xlsx | 154 KB