This news comes a week after the UK payments group issued a plea to Chancellor Rachel Reeves to impose a 'Tech Levy' on social media giants to pay for the impact of payments fraud originating from their platforms.

From October 2024, payments services providers in the UK must reimburse consumers who have fallen victim to an APP scam when using Faster Payments. The reimbursement will be split 50:50 between sending and receiving PSPs.