The APP Scams Steering Group has published the new voluntary Code which gives customers greater protection against APP scams and provides victims, who meet certain requirements, with full refunds.
To help protect customers, payment service providers that have signed up to the Code commit to:
- protect customers with procedures to detect, prevent and respond to APP scams, providing a greater level of protection for customers considered to be vulnerable to this type of fraud; and
- greater prevention of accounts being used to launder the proceeds of APP scams, including procedures to prevent, detect and respond to the receipt of funds from this type of fraud.
Eight Banks including Barclays, HSBC, Lloyds, RBS and Santander have committed to implementing the Code immediately, with more working towards implementation in the coming months.