PaymentsRisk & Compliance
Strengthening Fraud Prevention: Adapting to the PSR’s APP Scam Reimbursement Rules
On 7th October 2024, the Payment Services Regulator (PSR) will implement new rules on refunds for Authorised Push Payment (APP) scams, aiming to enhance consumer protection while imposing new responsibilities on UK banks and financial institutions. These regulations include an £85,000 reimbursement cap and the mandatory adoption of the Reimbursement Claims Management System (RCMS) to […]
