Important industry update from Pay.UK on APP scam reimbursement

The Payment Systems Regulator (PSR) has today (4 September 2024) announced a consultation to potentially reduce the maximum cap per authorised push payment (APP) scam claim from £415,000 to £85,000, as part of its new APP reimbursement policy.

We continue to progress at pace in our role to facilitate and monitor compliance with the policy and we remain ready to go-live on 7 October 2024. 

We will continue to work with the PSR and wider industry in accordance with any changes resulting from the consultation as we work to deliver effective fraud detection and prevention products and services.

We have been directed by the PSR to implement the APP reimbursement policy which addresses APP fraud within the Faster Payment System. In-scope payment service providers (PSPs) will be required to reimburse victims within five working days, and receiving PSPs will be required to share the cost of the fraud loss with the sending PSP.