Victims of authorised push payment (APP) fraud will soon be reimbursed under new rules.
In Brief:
Currently three quarters of APP fraud victims haven’t been reimbursed.
They’ll be reimbursed under new proposals by the Payment Systems Regulator (PSR).
It will be mandatory “in all but exceptional circumstances” for online and mobile payments.
What does this mean?
The PSR is ensuring banks reimburse customers as well as requiring that they improve the level protection for APP scam victims.
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