PSR updates on APP scam data

The PSR has published an update on its plan to publish data on how banks and building societies are responding to APP scams.

PSR will require the 14 largest PSPs in the UK to provide 6 monthly data on APP scam performance, using 3 metrics, looking at scam rates, in total and net of recoveries, and on the proportion of customers scammed who are left fully or partially out of pocket.

It proposes that the data on scams net of recoveries be provided by the sending PSPs to the PSR.  Receiving PSPs will be able to ask sending PSPs for their scam data, while sponsor PSPs may identify scam transactions that would be allocated to their indirect PSPs. PSR proposes to require sending PSPs to assist where asked. Sending PSPs will then re-submit final data or confirm there are no changes. PSR will review all the data and publish all metrics together 6 months after the end of the data period.

It asks for views by 17 January 2023.

Emma Radmore