The PSR annual report for 2023/24 unsurprisingly highlights the regulator’s activities in relation to APP fraud and open banking. It notes:
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publication of the first set of APP fraud statistics;
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steps to incentivise firms to do more to prevent fraud;
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the deadline of 31 October 2024 for firms to implement Confirmation of Payee – which will cover 99% of Faster Payments;
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the new VRP working group; and
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proposals for the open banking “future entity”.