In March 2023 we issued our policy statement PS23/1, APP scams: Measure 1 – Collection and publication of performance data, along with Specific Direction 18 and reporting guidance relating to the policy statement.
Why we are publishing this document
Under our Measure 1 policy, we are collecting and publishing data to provide greater transparency about payment service providers’ (PSPs’) authorised push payment (APP) scam levels, fraud prevention rates and reimbursement levels. This will make PSPs more accountable for their own performance, improve the level of reimbursement for victims of APP scams, and encourage further fraud prevention measures by placing reputational incentives on both sending and receiving PSPs.
The first reporting cycle (cycle 1) started on 1 April 2023 and relates to the two reporting periods January to June 2022 and July to December 2022. In May, the directed PSPs provided their first submission of data to us. A checking process is now underway for receiving PSPs’ data which will end during August. We intend to finalise and publish a balanced scorecard of this data in October.
The reporting guidance that we issued in March assists PSPs with providing the correct data. We said that we would update the guidance when required. The implementation of cycle 1, and extensive stakeholder engagement with sending and receiving PSPs, have provided opportunities for learning. In preparation for the second reporting cycle (cycle 2), we have updated the reporting guidance and have made changes.
In June 2023, we published our policy statement on the new APP fraud reimbursement requirement. In the course of collecting data over the past few months, we are aware that among some PSPs there are differences of interpretation of what constitutes an APP scam for the purposes of reporting under Measure 1. The issues arising from these disagreements are also relevant to our implementation of the reimbursement requirement. We will continue to engage with stakeholders and keep these issues under review. We may develop more detailed guidance at a later date on some of these issues, but we are issuing this consultation now in order to ensure early consideration of reporting issues before the start of cycle 2.
We are now consulting on the revised guidance for cycle 2 (half-year January to June 2023) and we welcome your views on the changes that we are proposing. Please provide your comments to us by 5pm on 1 September.
Who should read this document
This document is relevant to the payments industry, and payment service providers.
What happens next
The consultation is open until 5pm on 1 September 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 second cycle reporting guidance August 2023
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