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Payment Systems Fraud UK Payment Systems Regulator

BCLP

Mandatory Reimbursement for App Fraud: What Payment Service Providers Need to Consider Ahead of Implementation

BCLP on

The controversial new requirement for all in-scope Payment Service Providers (“PSPs”) to reimburse victims of Authorised Push Payment (“APP”) fraud are due to be introduced from 7 October 2024. This is a significant change...more

Hogan Lovells

APP fraud: UK PSR draft guidance on distinguishing between APP scam claims and civil disputes

Hogan Lovells on

The Payment Systems Regulator (PSR) is consulting on draft guidance to support payment service providers (PSPs) in their assessment of whether an APP scam claim raised by a consumer is not reimbursable under the new...more

A&O Shearman

Draft UK Legislation to Address Push Payment Fraud

A&O Shearman on

HM Treasury has published a policy note and a draft statutory instrument—The Payment Services (Amendment) Regulations 2024—on a risk-based approach to payments to mitigate against authorized push payment fraud. HM Treasury...more

BCLP

Payment Fraud: PSP’s Obligations

BCLP on

In accordance with recent UK Finance statistics, in 2019 banks and card companies prevented £1.8 billion in unauthorised payment fraud and between 2018 and 2019 APP fraud losses increased by almost 30% to £456 million. In...more

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