To ask Mr Chancellor of the Exchequer, what steps his Department is taking to tackle authorised push-payment scams.
Following Which?’s super-complaint about Authorised Push Payment (APP) Scams last year, the PSR has developed a programme of work to better protect consumers and increase awareness of payment scams. The banking industry will lead on the following work:
• Developing, collecting and publishing scam statistics to address the lack of clear data on the scale and scope of the problems, and to enable monitoring over time.
• Developing a common approach or best practice standards that banks should follow when responding to reported APP scams.
• Developing a common understanding of what information can be shared under the current law and any key legal barriers to sharing further information, liaising with the Information Commissioner’s Office as appropriate.
The PSR will monitor this work and review industry progress in the second half of 2017.
The PSR is also undertaking work to consider the potential for operators of the Faster Payments and CHAPS payment systems to play an expanded role in helping to minimise the consumer harm caused by APP scams.
In addition to this, the PSR has recognised the benefits that enhanced assurance data could bring in this space, and is currently undertaking work on a possible ‘Confirmation of Payee’ solution, whereby entering the account details would bring up the name of the account holder.