Practice session with Ronald Praetsch

The proposed Authorised Push Payment (APP) scam legislation from the Payment Systems Regulator (PSR) has put UK banks on high alert due to the recommended liability shift and reimbursement rules.

Nearly £250 million was lost to APP scams in the first half of 2022 in the UK alone. If the legislation is approved how much will be lost in 2023? How will the proposed liability splits work between the sending and receiving banks involved? Will the legislation have a knock-on impact on wider European banks further down the line?