A regulator has investigated what will happen if you fall victim to a scam, and lose money from your account
A regulator has revealed the performance of individual banks in tackling authorised push payment scams and how they treated those who fell victim in 2022. To help improve transparency for consumers, the Payment Systems Regulator collected data from banks on reimbursement to victims.
The PSR said 6% of cases reported to Monzo were fully reimbursed, while Danske Bank fully reimbursed 7%. The PSR warned that TSB was unable to separate out Financial Ombudsman Service reimbursements from its data, causing its reimbursement statistic to be overstated, although it said this is not likely to have any material effect on its ranking.
The PSR said that, by contrast, for every £1 million received by Santander accounts, only £44 was from APP fraud. Chris Hemsley, managing director of the PSR said of the new data: “This represents a substantial improvement in transparency. This provides better information for customers on how firms handle APP fraud and encourages these firms to take more action to tackle it.
The report covered the period January 1 2022 to December 31 2022 and The report focused on Faster Payments because it is the most frequently used way that fraudsters carry out an APP scam, the PSR said. Although payments resulting from APP fraud represented less than 0.1% of overall Faster Payments volumes in 2022, Faster Payments were used for 98% of APP fraud payments.
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