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UK Finance has responded to the Payment Systems Regulator’s consultation on proposals regarding reimbursement in authorised push payment (APP) scam cases.
Fraud is now the most prevalent crime in England and Wales, accounting for 41% of all crimes in the year to June 2022. More than £609.8 million was stolen through fraud and scams in the first half of 2022, with authorised push payment (APP) fraud losses comprising £249.1 million of the total. UK Finance therefore welcomes the Payment Service Regulator’s (PSR) call for views on APP fraud.
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