From victim support to systemic change - the impact of the PSR reimbursement scheme on financial crime prevention

In an era when the velocity of financial transactions increasingly defines the value of firms, the introduction of the UK's Payment Systems Regulator (PSR) Fraud Reimbursement Scheme has been subject to debate, with concerns raised over its effectiveness in reducing fraud. Mario Menz argues that the scheme will not only reduce fraud but strengthen the financial system's defences against financial crime.

Mario Menz (mario.menz@hotmail.co.uk) is an advisory board member at the Institute of Money Laundering Prevention Officers (www.imlpo.com).

In an era when the velocity of financial transactions increasingly defines the value of firms, the introduction of the UK's Payment Systems Regulator (PSR) Fraud Reimbursement Scheme has been subject to debate, with concerns raised over its effectiveness in reducing fraud. Mario Menz argues that the scheme will not only reduce fraud but strengthen the financial system's defences against financial crime.