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PSR focuses on APP scams

The PSR has stressed the importance of the CRM Code in reimbursing victims of APP scams.  It notes the Covid-19 pandemic has changed the way many people make payments, and left many of them vulnerable to fraud. The Code adds to existing protections and PSR says it has made a real difference, one year after its introduction. But it notes that only around 40% of losses are reimbursed, whereas almost all should be, and there needs also to be a sustainable, long-term model for reimbursement.  The PSR says the most obvious option for funding reimbursement is for the PSPs to commit to self-fund them. It is happy to continue the current voluntary approach, but only if industry moves towards a permanent solution.

Emma Radmore