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<p>The Government has not made an assessment of the annual cost of bank transfer scams
(otherwise known as Authorised Push Payment scams) to the UK economy, because the
Payment Systems Regulator (PSR) is currently undertaking work to assess the scale
and scope of the problem.</p><p> </p><p>This is part of their wider programme of work
to better protect consumers from these scams and reduce the damage they cause. The
programme also includes working with Financial Fraud Action UK to develop a common
understanding of what data on these scams can be shared between banks, and what barriers
stand in the way of sharing further information; and developing best practice standards
that banks should follow when responding to these scams.</p><p> </p><p>The PSR is
also looking at what role the payment system operators CHAPS and Faster Payments Service
(the systems that allow push payments to be made) could play in mitigating the damage
caused by Authorised Push Payment scams.</p><p> </p><p>The PSR will publish a review
of progress in the second half of 2017.</p>
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