The PSR reimbursement rules are scheduled to come into play and will require that victims of APP fraud are fully reimbursed, with the cost being split 50:50 between sending and receiving firms.
To protect customers and prevent multiple potentially large fraud claims becoming a significant cost to business, financial services companies will need to be confident they have the right intelligence and strategies in place to detect fraudulent payments and mules.
Given the challenging timescales, it’s unlikely that many organisations will have refined their approach by the time the new rules come into effect and will need to iterate these over time.