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The Mandatory Reimbursement Scheme: the obvious points of conflict within the proposals
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Frauds may be unauthorised (credit card fraud, phishing, for example) or authorised. Authorised frauds may be “pull” frauds, where the fraudster is given the victim’s account details and authorised to pull the funds from their account, or “push” frauds (APP), where the victim instructs its bank to send money to the fraudster’s account.According to the Payment Services Regulator (PSR), £485.2m was lost to APP fraud in 2022 alone. Back in May 2022, HM Treasury announced its intention to legislate to allow the PSR to require victim reimbursement for APP scams. That legislation came into effect on 29 June 2023, when the Financial Services and Markets Bill received Royal Assent. This article considers the implications of the mandatory reimbursement scheme propounded by the PSR.
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