Banks could publish bank transfer scam data

BANKS could be required to publish their bank transfer scam data under options being considered by the regulator. The Payment Systems Regulator (PSR) wants to hear about authorised push payment (APP) scams, where people are tricked into sending money to a fraudster.

In the first half of 2020, losses due to APP scams totalled £208 million.Many banks have signed up to a voluntary reimbursement code, but there have been concerns it is interpreted narrowly in some cases.

Potential options put forward by the PSR include making sure everyone can see how banks and building societies handle APP scams, by requiring them to publish their scam data, including reimbursement levels.

Banks and building societies could also be required to adopt a standardised approach to sharing data to help identify scams to stop them from happening.