Electronic Funds Transfer: Fraud

Treasury written question – answered on 22nd July 2021.

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Photo of Ruth Edwards Ruth Edwards Conservative, Rushcliffe

To ask the Chancellor of the Exchequer, what engagement he has had with the Payment Systems Regulator on the powers they require to introduce mandatory protections for victims of authorised push payment scams.

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

The Government is committed to tackling fraud and ensuring that victims of Authorised Push Payment (APP) scams are protected.

The Government welcomed the publication of the Payment Systems Regulator’s (PSR) call for views on APP scams in February 2021, which set out various potential measures for reducing APP scams and improving customer outcomes, including new requirements on payment service providers to reimburse APP scam victims. The Government is of the view that the introduction of Faster Payments Service rules setting reimbursement requirements on all scheme participants is the best possible solution to the issue of APP scams.

The PSR’s call for views has now closed and the Government is engaging with the PSR and industry on next steps, including considering what further actions may be necessary to make progress on this issue.

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