UK Launches Mandatory Scam Reimbursement Scheme and AI Tool Ask Silver to Combat Fraud
The Payment Systems Regulator (PSR) has launched a significant initiative to combat scams, introducing a Mandatory Authorised Push Payment (APP) Reimbursement Scheme. This scheme, which covers victims up to £85,000, aims to encourage banks to enhance their fraud screening processes. Meanwhile, Get Safe Online has introduced a new AI-powered tool, Ask Silver, to bolster online safety efforts.
Ask Silver, founded by Alex Somervell, is a smartphone-based tool that interacts with users via WhatsApp. It's designed to empower individuals against sophisticated digital scams. Users can send screenshots of suspected scam content to Ask Silver for verification. If a scam is detected, the tool suggests safety steps and offers automatic reporting to authorities.
The UK's retail industry has been grappling with a rising tide of fraud. In 2023, the industry lost £11.3bn ($14.3bn) to fraud, with APP scams increasing by 12% annually. The PSR's new scheme and Get Safe Online's Ask Silver tool are part of a concerted effort to tackle this growing problem.
The PSR's Mandatory APP Reimbursement Scheme offers victims significant financial protection, while the Get Safe Online and Ask Silver partnership equips users with a powerful tool to identify and report digital scams. These initiatives aim to strengthen the UK's defences against the growing threat of fraud.
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