Which? responds to Payment Systems Regulator's proposals to slash authorised push payment fraud reimbursement limit

Rocio Concha, Which? Director of Policy and Advocacy, said:

"The PSR's report is clear - victims of high-value fraud, such as investment scams and house purchases, stand to have their lives destroyed by this screeching U-turn. Yet somehow the regulator's conclusion is that these people should be abandoned to provide a small benefit for parts of the finance industry that have been warned over their role in facilitating financial crime.

"Having previously ruled out a lower threshold because there would be 'significant harm to victims', the PSR has caved in to pressure from payment firms and ministers and dropped the crucial principle that a higher reimbursement limit gives the finance industry strong incentives to invest in improved fraud security measures, which could have disastrous consequences for victims. 

"The regulator must stick to its original plan for a £415,000 limit to protect victims of high-value scams. If this government is serious about fighting fraud, it must support the implementation of the new reimbursement scheme in full and on 7 October."

-ENDS-