Authorised Push Payment (APP) fraud is currently under scrutiny by the UK Government.
In Brief:
New rules have been proposed by the Payment Systems Regulator.
It follows an investigation by UK Finance showing that APP fraud is now causing bigger losses than card fraud.
The PSR says it expects financial institutions to take more action against such scams.
What does this mean?
The PSR has recommended to Government that the onus should be on financial institutions to reimburse victims of APP fraud, with the hope it will encourage prevention. It argues that voluntary measures have not done enough.
