£173m returned to APP fraud victims in first year of new reimbursement rules #
Around £173 million lost to authorised push payment (APP) scams has been returned to victims in the first year since mandatory reimbursement rules came into force, according to data from the UK Payment Systems Regulator. The figure represents about 88 % of reported losses, a marked increase from the roughly 65 % reimbursement rate under the previous voluntary industry code
The mandatory protections, introduced in October 2024, require banks to refund customers tricked into sending money to fraudsters unless gross negligence is proven. Around 188,000 claims were in scope in the first year, with most resolved within five business days and only about 3 % rejected for lack of adequate care. Support groups welcomed the outcomes but said further improvements were still needed to close remaining gaps in consumer protections