PSR releases first APP scam performance figures

PSR has released figures showing how the largest 14 banking groups performed during 2022 in tackling APP scams and reimbursing victims.  The data covers 95% of payments made via Faster Payments.  PSR had collected data on:

  • reimbursement: with both TSB and Nationwide reimbursing over 90% of scams reported to them, while Monzo and Danske Bank reimbursed less than 10%
  • amounts sent in reimbursement: only TSB reimbursed over 90% of losses, with AIB Group reimbursing only 10%
  • amounts received as a result of APP fraud

The figures show both inconsistent outcomes for customers who report APP fraud, which is unsurprising given the current voluntary arrangements, with most of the firms with higher reimbursement rates being CRM signatories. They also showed that, on the whole, challenger bank customers were more susceptible to APP fraud. Reported figures ranged from:

  • between £23 to £348 of every £1m sent from specific banking groups being lost to APP fraud
  • between 39 to 141 of each million transactions made by a particular bank’s customers being reported as APP fraud
  • between £44 and £696 of each £1m received being from an APP fraud and
  • between 30 and 180 of each million transactions received being subject to APP fraud.

Emma Radmore