The UK's banks will have to provide transparent data on how well they are protecting customers against authorised push payment fraud, under new rules drawn up by the Payment Systems Regulator.
APP scams are a major problem in the UK. In the first half of this year, there were over 95,000 incidents of APP crimes, with losses totalling almost £250 million.
In November 2021, the PSR consulted on a package of measures to tackle APP scams - these focused on the publication of scam data, industry efforts to improve intelligence sharing, and mandatory reimbursement for APP scam victims.
The watchdog has now launched a consultation on the technical process for the collection of scam data, which will show for the first time how well firms are protecting customers.
The data the regulator will require banks and building societies to provide covers the proportion of victims who are left fully or partially out of pocket, as well as the rates of APP scams happening at both sending and receiving banks or building societies.
Kate Fitzgerald, the PSR’s head of policy says the publication of this data will dramatically increase the information available to customers about how well their bank or building society is doing in tackling scams and reimbursing victims.
“Banks and building societies should be transparent not only about how many of their customers have fallen victim to an APP scam, but also how they have treated those people,£ she says. “As well as giving customers more information to choose which bank or building society they want to use, the publication of this data will encourage banks and building societies to do more to help people.