Banks will have to reimburse scam victims who have been tricked into paying fraudsters, under new rules.
Most victims of authorised push payment (APP) fraud will be reimbursed within five business days and there will also be additional protections for vulnerable customers, the Payment Systems Regulator (PSR) said.
APP scams happen when someone is tricked into making a payment, often due to criminals posing as a legitimate organisation such as a bank, HM Revenue and Customs (HMRC) or the police. Scammers may also pretend to be selling goods or services that do not exist. According to latest UK Finance figures, APP fraud losses reached £485.2 million in 2022.
