PSR consults on reporting of APP scams

PSR has issued a consultation on guidance to help PSPs to provide the right data when reporting APP scams to the regulator.  The first collection is coming soon, with firms’ submissions due in May, with the first report published by PSR in October.

The initial reporting requirement will ask for data on:

• the proportion of APP scammed customers who are left out of pocket;
• APP scam rates at PSPs; and
• scam rates that do not include money that the victims have got back.

PSR asks for comments by 23 February and plans to publish a Direction in March.