LSB review of the CRM Code for Authorised Push Payment Scams

Industry News | 28/01/21

The Lending Standards Board (LSB) has published its first full review of the Contingent Reimbursement Model (CRM) code for Authorised Push Payment Scams (the CRM Code) since it became responsible for the governance of the CRM Code in July 2019.

Reported losses due to APP scams were £455.8 million in 2019. This was split between personal (£317.1 million) and non-personal or business (£138.7 million). The LSB found that between 28 May 2019 and 1 July 2020, signatory firms recorded 123,066 cases which fell within the scope of the CRM Code.