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The Payment Systems Regulator’s decision to lower the cap for APP fraud reimbursements to £85,000. The Payment Systems Regulator (PSR) recently announced a significant change to the cap for authorised push payment (APP) fraud reimbursements. What is this article about? Why is it important? What’s next?
The Payment Systems Regulator (PSR) has set a crucial date of 7 October 2024 for implementing new protections against Authorised Push Payment (APP) scams, reaffirming its commitment to tackling this growing threat. This issue is key in demonstrating why stronger protections beyond transactionlimits are necessary.
By holding these entities accountable, the SRF enhances consumerprotection and provides clear avenues for victim recourse in cases of phishing-related losses. This inclusion acknowledges the increased risk of significant losses from e-wallets and mandates robust consumerprotection controls.
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