We are publishing a letter to participants in the lead up to the APP Scams reimbursement requirement going live on 7 October 2024.
In December last year, we published the final details of our mandatory FPS APP scams reimbursement policy (which complements the June one), encompassing all Payment Service Providers (PSPs) that send or receive payments over the Faster Payments System (FPS). This policy is a step change in fraud prevention and will see all in-scope consumers who fall victim to APP scams reimbursed in most cases.
This is a significant step forward and we are encouraged by all of the work and progress in this area and recognise this is an ambitious approach to tackling fraud. In the letter we highlight three key areas for firms to focus their implementation activities over the coming months to ensure effective and timely implementation by 7 October.