In the first half of 2022, £249.1 million was lost to APP scams. The Payment Systems Regulator (PSR) is working to prevent these scams from happening and to better protect people if they do fall victim.
The PSR has taken a number of steps to address APP scams, including:
- Developing a voluntary, industry CRM Code.
- Requiring banks to implement Confirmation of Payee (CoP).
- Publishing data on how well firms are protecting customers.
- Supporting and encouraging improved intelligence sharing.
The PSR is committed to working with the industry to prevent APP scams and to protect consumers.
Here are some tips to help you stay safe from APP scams:
- Be careful about what information you share online.
- Don't click on links in emails or messages from people you don't know.
- Be wary of offers that seem too good to be true.
- If you think you've been scammed, report it to your bank and the police.
For more information on how to protect yourself from APP scams, visit the websites of your bank and the National Crime Agency.
Source: PSR (March 2023)
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