UK TO FORCE BANKS TO REIMBURSE APP VICTIMS
April 26th, 2022
The UK government is to make it mandatory for banks to reimburse victims of authorised push payment (APP) fraud by beefing up the Payment Systems Regulator’s (PSR) regulatory powers. The move was announced in a May 10 policy paper 'Government approach to authorised push payment scam reimbursement' (1). While the current voluntary Contingent Reimbursement Model (CRM) Code (developed by the Lending Standards Board) covers 90% of transactions, the paper said: “Reimbursement to victims of APP scams remains inconsistent.” Some firms still have not signed up or ...
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