The Payment System Regulatory (PSR) has confirmed new rules that will force banks and payment companies to reimburse victims of authorised push payment (APP) fraud.
Following consultation, the regulator has set out how mandatory reimbursement will work in practice. It said the new rules will prompt a “step change” in how firms approach fraud prevention.
https://www.cityam.com/watchdog-sets-out-new-rules-to-reimburse-app-fraud-victims-in-world-first/