Crown Dependencies to opt for coordinated approach to APP fraud framework

Joint announcement aims to set agreed future direction on matter

The Crown Dependencies have agreed a coordinated approach to dealing with one of the fastest growing forms of financial crime.

APP - or Authorised Push Payment fraud - occurs when customers are deceived or manipulated into authorising payments to financial criminals.

The joint announcement from the Isle of Man, Jersey and Guernsey sets an agreed direction of travel covering prevention, education and controls, reimbursement, gross negligence, customer responsibility and vulnerability.

The initial focus for the Crown Dependencies will be on retail banking customers and sterling payments made through both Faster Payments and CHAPS  - the Clearing House Automated Payment system.

The approach demonstrates a shared commitment between the financial regulators of the three Islands to developing a proportionate and practical APP fraud framework, that enhances customer protection, improves fraud prevention, and delivers consistent outcomes across the Crown Dependencies.