Information on authorised push payment scams - September 2023

Please supply me with information about what alerts and actions you have undertaken with UK banks and financial institutions specifically relating to authorised payment scams involving fake businesses and companies between the period 1st December 2020 and 13th August 2023.

We understand that you are asking for any actions the FCA has taken against regulated firms in relation to authorised payments scams involving fake businesses in the cited period. Having reviewed our records we have identified 17 cases in the period that we consider relevant and where the case may have had some link to a fake business. Of these 17 cases, we took direct action in 4 cases where we engaged and followed up with the regulated firms to request more information.

Please note that all intelligence we receive in relation to an authorised payment scam involving a fake business or company is thoroughly investigated and, if appropriate, supervisory and / or enforcement action considered for any firm or individual whose controls or approach is found to be at fault.

More information on our approach to monitoring and supervising firm’s anti-fraud systems and controls is outlined in our 13 February 2023 response to the Treasury Select Committee (TSC). The letter makes reference to the work of the Payment Systems Regulator (PSR) on Authorised Push Payment (APP) scams, details of both can be found below:

• 13 February 2023 response to TSC on APP
• Work of PSR of APP scams