On 31 October 2023, the Payment Systems Regulator (PSR) published a report on authorised push payment (APP) fraud performance.
The report provides a comprehensive set of data on APP scams and covers 95% of payments made via Faster Payments in the UK. It focuses on Faster Payments because it is the most frequently used way that fraudsters carry out an APP scam.
The information set out in the report includes the following:
- The percentage of APP fraud cases that were fully and partially reimbursed by each firm.
- How much money customers at the 14 major UK banks lost to APP fraud for every million pounds they sent and how many APP fraud payments there were per million transactions sent.
- Which banks and payments firms held accounts that received the highest value of APP fraud per million pounds of transactions and the highest number of APP fraud payments per million transactions received.
The PSR will continue to collect data from payment firms over the next 12 months and will publish 2023’s report next year. The PSR is also working with the FCA to identify where action is needed and will set out plans for payment firms to make necessary improvements.
The PSR is also considering how it can collect data which shows where APP fraud originates, with the aim of raising awareness about the different ways fraudsters can target victims, such as through social media platforms.