Pay.UK reviews the new APP reimbursement regulations at UK Finance’s Economic Crime Congress

Last week, our Chief Business Development Officer, Kate Frankish, joined a panel of fellow industry experts at UK Finance’s Economic Crime Congress, to review the implementation and impact of the Payment Systems Regulator’s (PSR’s) authorised push payment (APP) fraud reimbursement regulations.

Attended by leading representatives from banking, payments and law enforcement organisations, this year’s one-day event focused on the theme of ‘Working together for a safer tomorrow’, exploring key topics, such as:

• The impacts of economic crime and how it can be tackled
• The international economic crime landscape
• Regulatory changes and scrutiny in the financial sector
• The new APP fraud reimbursement regulations.

During the session, called ‘APP reimbursement requirement: The implementation and impact of the regulations’, the panel discussed:

• Trends identified since the new regulations were implemented on 7 October
• The direct impact of the new regulations on the scale of fraud
• Key priorities in the fight against fraud in 2025.

The panel noted that it has been two months since the implementation of the APP reimbursement regulations. Kate informed the audience that it is too early for Pay.UK to draw conclusions on any trends seen. The first reporting cycle on trend insights has begun and the official compliance data will be published in January 2025.

Looking forward to next year, the panellists discussed their key priorities in the mitigation of fraud. As part of the conversation, Kate highlighted Pay.UK’s continued work to gain support from the wider payments ecosystem in the development of our new fraud detection and prevention overlay service, following a successful proof of concept earlier this year.

Kate commented, “We have seen an increased focus on investment from the payments industry in fraud detection and prevention, and are optimistic that this, alongside continued collaboration, moves us ever closer to achieving a one-system solution to combat fraud.”