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Electronic Funds Transfer: Fraud

Treasury written question – answered on 4th November 2019.

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Photo of Chris Elmore Chris Elmore Opposition Whip (Commons)

To ask the Chancellor of the Exchequer, what assessment he has made of the potential benefits of the UK Finance proposal for a Faster Payment Scheme Change Request to provide a long-term sustainable funding system for reimbursing of victims of authorised push payment fraud.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government takes Authorised Push Payment (APP) fraud extremely seriously. Victims and their families can suffer both serious financial and emotional harm and it is right that industry takes the necessary steps to protect consumers.

The Payment Systems Regulator, which was set up by the Government in 2015, established a steering group to develop a voluntary industry Code of good practice that set the circumstances in which customers will be reimbursed if they fall victim to these kinds of scam. The Code became effective on 28 May 2019.

Pay.UK, under whom the Faster Payments Scheme sits, have consulted on the Change Request, which would introduce a levy on Faster Payments transactions for the reimbursement of victims in the long-term. The final decision sits with Pay.UK and it would not be appropriate for the Government to comment on the specifics of this proposal.

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