Cifas responds to PSR requirements for reimbursement of APP scam victims
7 June 2023
The Payment Systems Regulator today published its requirements for reimbursement of all Authorised Push Payment (APP) scam victims. APP scam victims will be reimbursed by payment service providers (PSPs) unless they have committed fraud or acted with ‘gross negligence’. The cost of reimbursement is to be split equally between the sending and receiving PSP.
Responding to the new requirements, Mike Haley, CEO of Cifas said:
‘These requirements highlight the critical importance of all PSPs undertaking industry standard fraud checks at all stages of the customer journey, to help avoid scam payments being made to criminals and used to fund other types of serious and organised crime.
‘Fraud continues to rise, with cases filed to the National Fraud Database in 2022 up 14% compared to the previous year. The deepening economic crisis continues to create opportunities for scammers, who prey on members of the public experiencing financial difficulties.
‘Our focus as an organisation is on delivering data, intelligence and learning solutions, to empower organisations to better scrutinise payments, protect consumers from APP scams and wider economic crime, and prevent fraud losses before they occur.’
The full PSR announcement is available here.
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Cifas and UK Finance launch lesson plans to prevent young adults from becoming money mules
12 July 2023
Data released today by Cifas and UK Finance reveals that in the first six months of 2023 there were 17,286 cases with intelligence indicating money mule activity filed to the Cifas National Fraud Database. Of these, 3,881 involved young people aged 21 and under which now make up one in five (23%) of all cases filed to the Database that bear the hallmarks of muling.
Cifas welcomes Home Office Fraud Strategy, but police data sharing critical to cutting fraud
3 May 2023
Cifas, the UK’s leading fraud prevention service, welcomes today’s launch of the Home Office Fraud Strategy, which outlines plans for an intelligence led policing response to fraud, backed by a new Fraud Squad and 400 new posts. The plan also commits to reviewing how fraud can be more effectively prosecuted and highlights the appointment of Anthony Browne MP as Anti-Fraud Champion.