Authorised Push Payment Fraud Performance Report Debate
Full Debate: Read Full DebateLord Browne of Ladyton
Main Page: Lord Browne of Ladyton (Labour - Life peer)Department Debates - View all Lord Browne of Ladyton's debates with the HM Treasury
(9 months, 2 weeks ago)
Lords ChamberMy Lords, it would be interesting to look at that and at how that data might be collected. The point at the heart of my noble friend’s question is absolutely right. Banks have a responsibility in this area, and that is why the reimbursement obligation is coming forward, but others have an obligation in this area too. The recent Online Safety Act imposes new obligations on the largest social media companies and platforms to prevent their users being exposed to harmful content, including fraudulent content. I am sure those measures will make a real difference too.
My Lords, APP fraud rose by 20% in the first half of this year alone and, according to the Payment Systems Regulator, customers of banks and building societies have wildly different and divergent experiences of receiving compensation and restitution. While I welcome the mandatory reimbursement requirement that will come into force next year, in the meantime, what consideration is being given to mandate appropriate resourcing of out-of-hours fraud and complaints teams within banks to ensure that where an APP fraud has occurred it can be reported and acted on with appropriate speed?
As the noble Lord has noted, a significant step towards ensuring greater consistency and user experience will be the mandating of reimbursement; we already have 10 signatories to the voluntary reimbursement code. Of course banks need to have proper processes in place to deal with suspected fraud, and I think publications such as the data we had at the end of last month shine a light on how banks are performing and allow consumers to make informed choices about where they bank.