PSR reports fall in payment fraud

The PSR has reported a £73m fall in payment fraud per year, and a fall in APP scams of 35,000 since the mandatory reimbursement requirement took effect. It also says that reimbursement rates are up to 65%, and that firms are reimbursing 97% of amounts claims in in-scope claims. Research has also shown that the feared market exits or reckless consumer behaviour have not happened.

The PSR is now looking at how to improve consistency, as inconsistent application has meant the customer experience can differ depending on who the customer banks with.