APP Fraud Liability: A Guide for Banks

Fraud is running rampant. The UK Government's 2023 'Fraud Strategy' report highlighted that fraud now accounts for over 40% of crime, yet receives less than 1% of police resources. More needs to be done to ensure that the consumer is protected.

This is why, as per the Financial Services and Markets Bill, all PSPs will now be required to reimburse fraud victims from October 2024. In light of these upcoming changes, banks need to reassess how they manage liability associated with APP fraud and develop new methodologies in order to investigate and mitigate fraud more effectively.

This Finextra impact study, produced in collaboration with Form3, gives banks a guide to tackling the new APP fraud liability landscape. It highlights:

Risk scoring payments
Implementing the right intelligence
Considering false positives
Ensuring explainability
And more.

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