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>
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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>
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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>
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The PSR will publish a review of progress in the second half of 2017.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4095", "label" : {"_value" : "Biography information for Steve Barclay"} } , "answeringMemberConstituency" : {"_value" : "North East Cambridgeshire"} , "answeringMemberPrinted" : {"_value" : "Stephen Barclay"} , "dateOfAnswer" : {"_value" : "2017-07-04", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2017-07-04T16:34:58.587Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2017-06-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Electronic Funds Transfer: Fraud"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask Mr Chancellor of the Exchequer, what estimate he has made of the annual cost to the UK economy of bank-transfer fraud.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4488", "label" : {"_value" : "Biography information for Martyn Day"} } , "tablingMemberConstituency" : {"_value" : "Linlithgow and East Falkirk"} , "tablingMemberPrinted" : [{"_value" : "Martyn Day"} ], "uin" : "1011"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }