APP Fraud Data Published by PSR

The report covers 2023 and includes the UK’s 14 largest banking groups, alongside 11 smaller firms that were in the top 20 highest receivers of fraud

Data provided in the report includes:

• Percentage of reported APP scams losses refunded by value and volume;
• Volume of APP scams sent per million transactions; and
• Value and volume of APP scams received per £ million of transactions Directed and Non-directed Payment Service Providers (PSPs).

🗓️ The reimbursement rule for fraudulent transactions made through the Faster Payments Scheme (FPS) comes into force on 7^th October 2024.

All UK Payment services providers will be in scope for the forthcoming APP reimbursement rules and can view the latest APP performance data as part of ongoing preparation.

✅ Learn more about Plenitude’s Fraud Practice and how we are helping clients combat fraud more effectively while reducing fraud losses and operational costs.