£66m returned to APP scam victims

In the first six months of a new reimbursement scheme, £66m was returned to victims of authorised push payment (APP) scams, according to the Payment Systems Regulator (PSR)

Launched in October last year, the new rules mandate banks to reimburse victims unless they were grossly negligent. Consumers reported around 109,000 claims, with 77,000 in scope for reimbursement.The new protections apply when a transfer is made to and from a UK bank account. 

The PSR reported that 87% of the lost funds were returned, with nearly 86% of claims resolved within five days. A reimbursement limit of £85,000 applies, although banks may opt to reimburse higher amounts. 

£27.6 million was reimbursed in the first three months of the new rules, rising to £38.4 million in the following three-month period.

The PSR said “The data shows positive outcomes for consumers in the first six months of our policy. Reimbursement rates were high, firms responded to claims promptly, and there was no indication of people being significantly less cautious.”