In June 2023 we published a blog article discussing the Payment System Regulator’s policy statement creating a new reimbursement requirement for Authorised Push Payment scams. On 19 December, the PSR published an APP scams reimbursement policy statement (PS23/4) setting out final sets of requirements alongside the relevant legal instruments to give effect to the policy and other helpful materials and guidance. This is particularly important given the October 2023 APP scam fraud performance report which suggests that even where these PSPs are reimbursing victims of APP scams on a voluntary basis, there are currently inconsistent outcomes for customers who report APP fraud to their PSP. Furthermore, there are weak controls that are exploited by fraudsters, and there is still more to be done to address gaps in controls to prevent such fraud by in-scope firms. The policy start date is confirmed as 7 October 2024 which is recognised as a challenging target.

https://kpmg.com/uk/en/home/insights/2024/01/nine-months-left-to-prepare-for-mandatory-app-scam-reimbursement-requirements.html