UK PUSH PAYMENT FRAUD VICTIMS FACE REIMBURSEMENT LOTTERY, FINDS PARLIAMENTARY COMMITTEE
February 22nd, 2023
A British parliamentary committee has found that victims of authorised push payment (APP) fraud - where people are tricked into paying fake creditors - face inconsistencies in reimbursement, even when their banks are signed up to the voluntary contingent reimbursement model (CRM) code. In a report 'Scam reimbursement: pushing for a better solution' (1), the House of Commons treasury select committee noted that British victims of APP frauds lost at least GBP583 million (USD704 million) in 2021. Yet in the first half of 2022, only 60% of victims by value of losses ...
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