What do the Government, the PSR and UK Finance say?
John Glen, economic secretary to the Treasury, said: “The Government’s position is that liability and reimbursement requirements on firms need to be clear so that customers are suitably protected.
“It is welcome that the Payment Systems Regulator is consulting on measures to that end, and to help prevent these scams from happening in the first place. The Government will also legislate to address any barriers to regulatory action at the earliest opportunity.”
Chris Hemsley, managing director of the PSR, added: “The growing problem of APP scams has seen people lose devastating amounts of money.
“More needs to be done and while voluntary industry measures have helped some victims, there are many institutions which have yet to step up to the mark and protect people properly – including social media firms.”
Speaking on behalf of banks, Katy Worobec, managing director of economic crime at UK Finance, told MSE: “As the PSR recognises, other industries also have a key role to play in tackling fraud, which is why it’s so important there is coordinated action from the Government and other sectors to tackle what is now a national security threat.”