On 8 November 2024, the Payment Systems Regulator (PSR) published a Dear CEO letter to tech firms, dated 6 November 2024, regarding its plans to publish data on firms that enable fraud.

The PSR explains in the letter that preventing authorised push payment (APP) fraud is a top priority, due to the suffering and harm it causes to consumers and society and the damage it causes to confidence in payments. The APP fraud reimbursement requirement was introduced earlier this year to address this, requiring victims of APP fraud to be reimbursed by their payment service provider when they lose out.

However, the PSR notes that ensuring scam victims are reimbursed is only part of the solution, and that it wants to “strike at the heart of the problem” to stop fraud occurring in the first place. To do this, the PSR wishes to understand more about how fraudsters contact victims and earn their trust.

In December 2024, the PSR plans to publish data on the firms that are most commonly reported as enabling contact between fraudsters and victims. The Dear CEO letter has been sent to the relevant firms ahead of publishing that data, in order to set out the aims of publishing the data, how it collected the data and its future plans for publication.

The letter gives firms the opportunity to meet with or write to the PSR to share their comments on the plans to publish this data, by 5pm on 4 December 2024.