Thursday, August 1, 2024
The report highlights the performance of the 14 largest banking groups in Great Britain and Northern Ireland, as well as data from 11 smaller firms that disproportionately receive fraudulent funds.
The latest data provides an in-depth look at the extent of APP fraud, including reimbursement rates for victims and the volume of funds transferred to fraudsters' accounts. This transparency is part of the PSR's ongoing effort to enhance consumer protection and accountability within the banking sector.
A key feature of this year's report is the inclusion of data from the 11 smaller firms that have emerged as significant receivers of fraudulent funds. This addition aims to give consumers a comprehensive view of how different payment firms are handling APP fraud and supporting affected customers.
Starting Oct. 7, 2024, the PSR will enforce mandatory reimbursement requirements for APP scam victims. This measure is expected to standardize victim support across the industry and ensure that consumers are more consistently protected. Furthermore, the PSR has been driving improvements in data sharing among payment firms to better identify and prevent scams. The rollout of the Confirmation of Payee service, which verifies the recipient's name during transactions, is one such initiative aimed at curbing fraud.
Ryta Zasiekina, founder of payments company Concryt expressed support for the PSR's APP Fraud league tables. Zasiekina highlighted the critical role these tables play in monitoring the efforts of various organizations in combating APP fraud. She emphasized the severe impact of these scams on victims, not just financially but also emotionally and psychologically.
"It's encouraging to see which organizations have significantly improved their performance from last year, and equally important to identify those that continue to struggle in protecting consumers," Zasiekina said. She pointed out that while certain types of APP scams are decreasing, romance scams are on the rise, necessitating heightened efforts to combat these crimes.
Zasiekina also called for intensified government awareness campaigns and enhanced protective measures from payment firms. "The government must intensify its awareness campaigns, and payment firms need to enhance their protective measures," she said. "These league tables represent a vital step towards addressing these issues and ensuring accountability among firms."
Clear Junction, a company previously listed with the highest value of APP fraud, mentioned it has shown remarkable progress in tackling the issue. According to a company statement, Clear Junction has successfully moved out of the top 20 positions for APP fraud received, a testament to their proactive measures and collaboration with UK banks and the PSR.
Since the launch of last year's report, Clear Junction has strengthened its partnerships and implemented advanced fraud prevention technologies. These measures include the deployment of the Confirmation of Payee service and achieving the ISO27001 data security standard. The company said it remains committed to ensuring the security of their clients' transactions and upholding the highest standards of financial integrity.
With significant steps towards greater transparency and mandatory reimbursement requirements set to take effect, consumers can expect more robust protections, the PSR affirmed, adding that proactive responses from such companies as Concryt and Clear Junction highlight the industry's commitment to combating APP fraud and ensuring the security of financial transactions for all customers. 
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