Scams and Fraud news in 2023
21 stories, newest first.
- December 2023
PSR to publish claim excess and reimbursement cap by end of 2023
The Payment Systems Regulator will publish the claim excess, maximum reimbursement level, guidance on gross negligence and all legal instruments for bank transfer fraud refunds by the end of 2023.
PSR published final APP scams reimbursement policy statement and legal instruments
The Payment Systems Regulator published its final PS23/4 policy statement and three legal instruments on APP scams reimbursement in December 2023, setting a start date of 7 October 2024.
- October 2023
PSR published PS23/3 and PS23/4 setting the APP reimbursement requirement parameters
The Payment Systems Regulator has set out the detailed parameters for mandatory reimbursement of authorised push payment scam losses through Faster Payments, with the policy starting on 7 October 2024.
PSR publishes consultation on specific direction implementing APP reimbursement requirement
The Payment Systems Regulator has consulted on a specific direction for Faster Payments participants, one of three legal instruments underpinning its authorised push payment fraud reimbursement requirement.
- September 2023
Draft v0.7 of APP reimbursement scheme rules approved for PSR consultation
Pay.UK has approved a final draft of the APP Reimbursement Scheme Rules for Faster Payments, sending version 0.7 to the Payment Systems Regulator for consultation.
Consultation CP23/6 on APP fraud excess and maximum reimbursement level closes
The Payment Systems Regulator's consultation on the excess and maximum reimbursement level for Faster Payments and CHAPS closed on 12 September 2023, with the regulator publishing its response.
CP23/7 consultation on the consumer standard of caution closed
The Payment Systems Regulator's consultation on the consumer standard of caution for authorised push payment fraud closed on 12 September 2023, with a response published alongside it.
- August 2023
Section 72 of the Financial Services and Markets Act 2023 comes into force
Section 72 of the Financial Services and Markets Act 2023 came into force on 29 August 2023, requiring the Payment Systems Regulator to draft and then impose reimbursement rules for Faster Payments fraud cases.
CP23/4 consultation on draft APP fraud reimbursement legal instruments closes
The Payment Systems Regulator's consultation on draft legal directions for mandatory authorised push payment fraud reimbursement closed on 25 August 2023, with implementation proposed for 2 April 2024.
PSR to consult on claim excess and reimbursement cap
The Payment Systems Regulator will consult in August 2023 on the claim excess banks may charge fraud victims, the maximum reimbursement cap and guidance on the gross negligence test.
- June 2023
Committee publishes Payment Systems Regulator response on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published the Payment Systems Regulator's response to its report on scam reimbursement, as a special report dated 14 June 2023.
PSR publishes policy statement on new APP fraud reimbursement requirement
The Payment Systems Regulator has published a policy statement setting out a new reimbursement requirement for victims of authorised push payment fraud, with an implementation date proposed for 2 April 2024.
HMRC warns of rise in scams impersonating the tax agency ahead of tax credits renewal deadline
HMRC has warned of a rise in scam calls, emails and texts impersonating the tax agency, including phishing emails sent from Japanese addresses, ahead of the 31 July tax credits renewal deadline.
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
Payment Systems Regulator responds to Sub-Committee scam reimbursement report
The Payment Systems Regulator's response to a parliamentary report on scam reimbursement was published on 14 June 2023 as the Treasury Sub-Committee's Sixth Special Report.
PSR removes separate minimum threshold for APP fraud claims
The Payment Systems Regulator has dropped a proposed separate minimum threshold for authorised push payment fraud claims and will consult on a claim excess instead.
- May 2023
HMRC warns tax credits customers about renewal deadline scams
HMRC has warned around 1.5 million tax credits customers to watch for scams mimicking government communications ahead of the 31 July renewal deadline, as it reported new fraud tactics.
- March 2023
Which? reports Ofcom findings that nine in 10 people have encountered online scams
Which? has reported Ofcom research showing nine in 10 adult internet users have encountered online scams, and called for stronger consumer protections in the Online Safety Bill.
- February 2023
HMRC warns of fake tax refund email scam
Fraudsters are sending fake tax refund emails that use HMRC branding and a claim link, and HMRC has issued a warning about the scam, according to Which?.
Parliament committee publishes report on scam reimbursement
The Treasury Sub-Committee on Financial Services Regulations has published its Thirteenth report, Scam reimbursement: pushing for a better solution, on authorised push payment fraud reimbursement.
- January 2023
Phone theft spate exposes weak bank login reset checks
A spate of phone thefts in early 2023, many involving raided gym lockers, led Which? to find some banks asked only for basic information to reset app login details.