UK Finance responds to PSR report on authorised push payment scams

Responding to the Payment Systems Regulator's (PSR) publication of the outcome of its consultation on authorised push payment scams, Katy Worobec, Managing Director of Economic Crime at UK Finance, said:

?Tackling fraud and scams is the number one priority for the finance industry, and we successfully prevent more than £6 in £10 of attempted fraud. We have also introduced new standards on how banks respond to victims of authorised transfer scams. However we know there is always more to do, which is why we are working with the Joint Fraud Taskforce to deter and disrupt criminals and better trace, freeze and return stolen funds.

?This is a complex piece of work, with a challenging timeline, that we need to get right. As secretariat for the PSR's new steering group, and alongside the independent Chair, consumer groups and the broader payments industry, we will support the development of its proposals for a code.?

Notes to Editor

  1. For more information please call the UK Finance press office on 020 7416 6750 or mail press@ukfinance.org.uk.
  2. UK Finance welcomes the inclusion of Government, regulator and law enforcement observers in the Steering Group. These links will help ensure that the PSR's proposals are developed in alignment with extensive work already underway by the Joint Fraud Taskforce, to deter and disrupt criminals as well as benefit customers.
  3. UK Finance is a new trade association which was formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
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