The Payments Association has urged the incoming Government to make big tech liable for refunding fraud victims.

The lobbying coalition proposes a 'Tech Levy' on social media giants, that will force them to pay for the impact of payments fraud originating from their platforms.

A large majority of authorised push payment (APP) - where scammers convince their victims to willingly transfer money - starts on social media platforms like Facebook or Instagram.

According to UK Finance, APP fraud cost Brits £460m in the last year.

The lobby group also called for a maximum mandatory refund by banks for APP fraud victims to fall from £415,000 to a £30,000 maximum.

In addition, the petition called for the creation of a dedicated Anti-Fraud minister. The new minister would coordinate anti-fraud activities across different departments.

Tony Craddock, director general of The Payments Association, said: "A clear vision and strategy from the new Government will generate significant investment and promote the UK’s position as the global payments leader solidified and see sustained growth in every UK region.

“We especially hope the Chancellor sees the benefits of lowering the threshold for mandatory reimbursement of an APP fraud claim and potentially introduce a dedicated Anti-Fraud Minster.

The current landscape is all too easy for fraudsters to navigate and the PSR’s proposed changes to will only serve to exacerbate the situation.

Swift action as proposed in our letter is necessary to mitigate the potential threats once the changes are introduced on October 7.”

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