APP Scams Steering Group agrees voluntary code
Industry News | 28/02/19
The Authorised Push Payment (APP) Scams Steering Group has announced that it has agreed a voluntary Code of good practice which aims to better protect customers and reduce the occurrence of APP fraud. The Code sets out the agreed principles for greater protection of consumers and the circumstances in which they will be reimbursed – marking a significant step in delivering improved protections for customers.
Under the Code any customer of a bank or PSP signed up to the Code who falls victim to an APP scam will be reimbursed if their bank failed to meet the standards set out in the Code, provided that the customer did everything expected of them under the Code. The Code will become effective on 28 May 2019 and customers of those payment service providers that are signatories will be protected under the Code from this date.
AAP Scams Steering Group, 28 February 2019