PSR publishes final reimbursement details on APP fraud

The PSR has published it's final reimbursement recommendations on the APP fraud interventions that come into effect in 2024.

• New reimbursement requirement comes into force on 7 October 2024 
• Upper claim limit will match the FOS upper limit of £415,000 and a claim excess of no more than £100 may be applied 
• Finalised consumer standard of caution outlined

The PSR also confirms that ‘sending’ payment firms can – but do not have to – apply a claim excess of up to £100 if they choose to. This does not include claims made by vulnerable consumers. 

What this means for retailers
There is likely to be increased friction on payments above £100, after 7 October 2024. Retailers will need to prepare for what this might mean for their customers (possible declines, additional steps for consumers, extra friction and frustration, for example). We will keep retailers updated when we know more about what extra friction is likely to be added by PSP's.