Jurisdiction(s):
United Kingdom

UK APP fraud reimbursement risks fuelling scams without Big Tech regulation; MP urges platform duties, national anti-fraud centre, levy and cross-sector data sharing

Published on: 08 November 2024

Published by an LexisNexis Corporate Crime expert

Legal News

Article summary

New rules that UK banks and payments firms must reimburse victims of payment fraud could make the UK more attractive to criminal scammers, a lawmaker has warned

In an exclusive interview with MLex, Luke Charters argued the new APP reimbursement scheme should have launched in tandem with measures aimed at the social media platforms from which so many scams stem, rather than in isolation. ‘It can’t just be about compensation, it’s also got to be about disrupting fraud at source’, Charters said.

His remarks follow the 7 October 2024 commencement of the APP fraud framework, which obliges banks and payments firms to repay victims, with a ceiling of £85,000.

Banks had pushed back, warning it might encourage customers to be less careful. Meanwhile, smaller payments firms complained that just a few high-value refunds could threaten their very existence.

Across the sector, many felt the rules unduly focused on financial services even though evidence suggests over 70% of fraud starts online.

Payments fraud costs the UK around £1.2bn a year...

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