UK Finance response to PSR's APP fraud performance data

In response to the Payment Systems Regulator's (PSR) APP fraud performance data published this morning.

UK Finance said:

The financial services sector invests more in countering fraud than anyone else, and is the only sector that reimburses victims — even though the vast majority of authorised fraud originates on other platforms and networks. Our latest fraud report shows that the majority of authorised push payment (APP) fraud is reimbursed, with over £152 million returned to victims in the first half of this year alone.

What today’s data from the PSR does not show is where fraud starts. Our data shows that 94 per cent of authorised fraud starts online or over the phone, through social media, fake messages and more. But the technology and telecommunications sectors bear no responsibility for reimbursing victims, which means there is little commercial incentive for them to truly tackle the enormous threat that continues to proliferate on their platforms and networks. While you can reimburse money, you cannot reimburse the emotional and psychological impact that fraud has on victims. We need these sectors to do more with us to protect consumers by preventing these awful crimes from happening in the first place.

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