Payment Systems Regulator confirms plans to protect victims of payment scams

The Payment Services Regulator (PSR) has announced the outcome of its consultation on the introduction of a contingent reimbursement model for victims of authorised push payment (APP) scams. In summary:

• an industry code will be in place by September 2018, paving the way for victims of APP scams to have better protection;
• consumer groups and industry players support the need for better protection; and
• a reimbursement model will be designed by a steering group of consumer and industry representatives overseen by the PSR.