Page 16 - PA_Enterprise_November-2024
P. 16
PAE
Groundbreaking new
protections for victims of
APP scams
From 7 October major new protections for victims of Authorised Push
Payment (APP) scams have been introduced. APP fraud happens when
someone is tricked into sending money to a fraudster via bank transfer,
which can lead to devastating impacts on its victims and reduce
consumer confidence when making payments.
nder the PSR’s new rules, people
Umaking payments from one UK account
to another using the Faster Payments
system (the system used for mobile and
online banking) or CHAPS system (the
UK’s high value payment system used for
some consumer payments such as house
purchases) will now benefit from world leading
levels of protection against APP fraud.
Payment firms are now required to follow
the new reimbursement arrangements. This
includes high street banks and building
societies as well as smaller payment firms,
and e-money firms.
For consumers, that means significantly
greater protection, including:
• Everyone making a payment via Faster
Payments or CHAPS from one UK bank
account to another will be covered.
• The vast majority of consumers can expect
to be reimbursed within five business days of
16 November 2024
