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PSR Fraud Liability Shift: Are You Ready?
New PSR requirements split the cost of the victim (Authorized Push Payment) reimbursement 50-50 between sending and receiving institutions.
Financial criminals circumvent controls by manipulating customers into authorizing fraudulent transactions. In an instant payments environment where FIs and PSPs have only seconds to transfer funds, it’s no surprise that Authorized Push Payment (APP) fraud is a major challenge for financial institutions.
To combat this alarming, ongoing trend, the U.K. Payment Systems Regulator (PSR) created new protections for consumers. The proposed 50-50 shared liability split between sending and receiving institutions is expected to go into effect in October 2024.
In this eBook:
Financial criminals circumvent controls by manipulating customers into authorizing fraudulent transactions. In an instant payments environment where FIs and PSPs have only seconds to transfer funds, it’s no surprise that Authorized Push Payment (APP) fraud is a major challenge for financial institutions.
To combat this alarming, ongoing trend, the U.K. Payment Systems Regulator (PSR) created new protections for consumers. The proposed 50-50 shared liability split between sending and receiving institutions is expected to go into effect in October 2024.
In this eBook:
- What impact the forthcoming PSR mandates have on the reimbursement process
- Where FIs and PSPs need to conduct comprehensive reviews to meet PSR guidelines
- How to streamline collaboration and communication between investigating organizations
- What enhanced controls FIs and PSPs need to prevent losses
Find out what you need to know before the shift of liability requirements are put into effect.