Bank Services: Fraud
The question
To ask the Chancellor of the Exchequer, what discussions she has had with banks on the time taken to pay full refunds to people who have been subject to phishing scams.
Answered by Emma Reynolds
Government ministers have meetings with a wide variety of organisations, details of which can be found at the following link:
The Payment Systems Regulator (PSR) is the independent regulator with responsibility for the Authorised Push Payment (APP) scam reimbursement regime. The PSR’s rules require in scope Payment Service Providers (PSP’s) to reimburse victims of APP scams which take place over the Faster Payments System within five business days of making a claim. However, PSPs may take longer in specific circumstances, including where it may need more time to gather sufficient information from the victim or third parties to help assess the claim.
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