APPG report sets out strategy to combat APP fraud
The All-Party Parliamentary Group (APPG) on Fair Banking has published a cross-party report titled ‘No Half Measures – a Blueprint to Beat APP Fraud’ outlining a nine-point strategy to address the growing threat of authorised push payment (APP) fraud in the UK. The APPG suggests how the government could adopt a ‘whole-of-ecosystem’ approach in the forthcoming update to the UK’s Fraud Strategy. It also reviews the early impact of the Payment Systems Regulator’s (PSR) mandatory reimbursement requirement (MRR), describing it as a positive step, but warns that relying solely on reimbursement risks placing excessive burdens on certain parts of the financial ecosystem while failing to tackle the root causes of fraud. The APPG calls for broader action, including considering extending reimbursement requirements to crypto firms and introducing a tech levy on social media platforms.