A new voluntary code, designed to improve protection for victims of Authorised Push Payment (APP) scams, has come into force today.
The code has been developed by consumer groups and the industry and follows work led by the Payment Systems Regulator (PSR). It is one of a number of initiatives being driven by the PSR to stop APP scams from happening in the first place and to make sure people are protected if they fall victim to them.
In essence, the new code will give people more protection than they’ve ever had before and make it more likely that those who fall victim to APP scams will get their money back. A total of 8 banks representing 17 brands will apply the new code.
In a press release welcoming the new code, the PSR said that the code is “major step-up in protections” and reflects the PSR’s “strong belief that if somebody has done everything they can reasonably do protect themselves, they should be reimbursed.”
Banks which have signed up to code commit to deciding whether to reimburse victims of APP scams within 15 working days.
Read the PSR’s full press release: https://www.psr.org.uk/psr-publications/news-announcements/psr-welcomes-new-industry-code-to-protect-against-app-scams-may-2019
If you are a member of PIF, visit the members’ area to view our latest guidance in relation to APP fraud and the Confirmation of Payee (CoP) initiative.