{"id":1402,"date":"2017-11-08T12:19:54","date_gmt":"2017-11-08T12:19:54","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=1402"},"modified":"2017-11-08T12:19:54","modified_gmt":"2017-11-08T12:19:54","slug":"uk-regulator-putting-in-place-new-regulations-to-reimburse-app-scam-victims","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/uk-regulator-putting-in-place-new-regulations-to-reimburse-app-scam-victims\/","title":{"rendered":"PSR Putting In Place New Regulations To Reimburse APP Scam Victims"},"content":{"rendered":"

\"PaymentThe Payment Systems Regulator<\/strong> (PSR) under UK\u2019s Financial Conduct Authority<\/a> is laying out plans to protect and reduce harm to people who have been tricked into transferring money to fraudsters. <\/p>\n

The new plans outlined by PSR came in response to a super-complaint raised by watchdog Which?<\/strong><\/a> in September 2016.<\/p>\n

In a new report published this week, the PSR explained the efforts they have been taking to address the problem of increased harm brought by authorised push payment (APP) scam<\/strong>s. APPs are a common trick where customers transfer money to a fraudulent bank account. PSR found that in the first half of 2017, more than 19,000 victims lost over \u00a3100 million to these scams.<\/p>\n

The complaint highlighted a number of issues and one of them was that the majority of APP victims could not get reimbursed and recover their lost money even upon prompt reporting to their banks, since no legal regulations cover these cons. Which? argued in the complaint that banks have put security checks in place to detect certain fraudulent activity such as credit card scams, they have not put in place sufficient systems to protect customers when they are tricked into transferring money to another person\u2019s account.<\/p>\n

Payment Systems Regulator (PSR)<\/strong><\/p>\n

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