Bank Receiving Payment Fraud Money Now Liable

New rules introduced by the Financial Conduct Authority (FCA) will come into place on 31st January 2019, to enable victims of Authorised Push Payment (APP) Fraud to complain to the receiving Payment Services Provider (PSP) in the event of fraud on their account.

Previously, it was only the sending account that was liable for any complaint/redress but the company that receives your money can now also be held accountable.  Perhaps, this will help them make sure that account openers/owners are verified properly.
If victims are not happy with the outcome of any complaint (to either the accepting or sending PSP), they can seek help and advice from the Financial Ombudsman Service.

UK Finance data shows there was 43,875 cases of (APP) in 2017 with £236 million was lost to these fraudsters.

After a Which? Magazine super complaint, the Payment Systems Regulator (PSR) and the (FCA) have said receiving PSPs can do much more to stop payments going through and reduce the amount of fraudulent action taking place.

A group provided by the PSR is working on a code of conduct which will force companies to stop, recognise the risk of APP fraud and help victims get their money back should it happen to them.