The PSR has underlined that it wants to see greater protections for consumers and businesses from APP scams, as the group released its latest consultation on guidance to support payment service providers.
The group detailed a suite of measures, including a requirement on financial institutions to report on the number, value and reimbursement rates to victims of these harmful crimes.
As it looks to maximise its findings, PSR is seeking views on guidance for PSPs who will be required to publish data on their performance on APP scams.
Kate Fitzgerald, Head of Policy at the PSR, said: “People should know how well their banks and building societies will protect them if they were ever to fall victim to an APP scam. Our reporting requirement is one of a suite of measures we have proposed that will help tackle the problem of APP scams.
“For the first time, when banks start to publish their data, people will be able to judge whether theirs is doing enough to protect them from fraud. This means everyone will be able to decide which organisation is going to give them the best protection and service.”
The data will be collected and published on a six-monthly basis with the first submission by firms due in May 2023.
The PSR will collate and then publish the first report by October 2023. This will mean that, for the first time, everyone will be able to see how well financial institutions treat people should they fall victim to an APP scam.