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Commenting on Which?'s response to HM Treasury's Payments Landscape Review, Eric Leenders, Managing Director of Personal Finance at UK Finance, said:
Protecting customers from fraud and stopping stolen money getting into the hands of criminals is a priority for every bank. ?The authorised push payment (APP) voluntary Code, developed by the banking industry alongside consumer groups, has led to more victims being reimbursed particularly for higher value and more sophisticated scams. However, a year after its implementation it is clear that the voluntary Code is not delivering consistent outcomes and so we agree with Which? that the government needs to bring forward new legislation to deliver certainty for both firms and their customers. ?The development of a statutory Code should go alongside the creation of a sustainable funding solution for cases in which neither the customer or bank is at fault and a stronger regulatory framework to ensure online platforms and other sectors play their part in tackling fraud.
Protecting customers from fraud and stopping stolen money getting into the hands of criminals is a priority for every bank.
?The authorised push payment (APP) voluntary Code, developed by the banking industry alongside consumer groups, has led to more victims being reimbursed particularly for higher value and more sophisticated scams. However, a year after its implementation it is clear that the voluntary Code is not delivering consistent outcomes and so we agree with Which? that the government needs to bring forward new legislation to deliver certainty for both firms and their customers.
?The development of a statutory Code should go alongside the creation of a sustainable funding solution for cases in which neither the customer or bank is at fault and a stronger regulatory framework to ensure online platforms and other sectors play their part in tackling fraud.
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<p>With fraudsters looking to exploit the Covid-19 pandemic, it?s important that customer follow the advice of the <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftakef… Five to Stop Fraud</a> campaign and remember that criminals are experts at impersonating people, organisations and the police:</p> <ul><li><strong>Stop:</strong> Taking a moment to stop and think before parting with your money or information could keep you safe.</li> <li><strong>Challenge:</strong> Could it be fake? It?s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.</li> <li><strong>Protect:</strong> Contact your bank immediately if you think you?ve fallen for a scam and report it to Action Fraud.</li> </ul><p>The banking and finance industry is committed to tackling fraud and scams by:</p> <ul><li>Investing in advanced security systems to protect customers, including real-time transaction analysis, behavioural biometrics on devices and technology to identify the different sound tones that every phone has and the environment that they are in.</li> <li>Working closely with the government and law enforcement to tackle fraud through a national <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.g… Crime Plan</a>, including regularly exchanging information and coordinating responses to emerging threats such as scams linked to Covid-19.</li> <li>Delivering the <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u… Protocol</a> ? a ground-breaking rapid response scheme through which branch staff can alert police and Trading Standards to suspected frauds taking place. The system is now operational in every police force area and has prevented £116 million of fraud and led to 744 arrests since it began being rolled out in 2016.</li> <li>Working with text message providers and law enforcement to <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u…; scam text messages including those exploiting the Covid-19 crisis. 821 unauthorised sender IDs are currently being blocked to prevent them being used to send scam text messages mimicking trusted organisations, including 70 related to Covid-19</li> <li>Working with the regulator <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.o…; to crack down on number spoofing, including through the development of a ?do not originate? list. Ofcom has said this work has led to significant successes in preventing criminals from spoofing the phone numbers of trusted organisations. For example, when HMRC added numbers to this list they reported reducing ?to zero the number of phone scams spoofing genuine inbound HMRC numbers.?</li> <li>Helping customers stay safe from fraud and spot the signs of a scam through the <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… Five to Stop Fraud</a> campaign. 27 major banks and buildings societies have signed up to the new <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftakef… Five Charter</a>, bringing the industry together to give people simple and consistent fraud awareness advice.</li> <li>Sponsoring a specialist police unit, the Dedicated Card and Payment Crime Unit (DCPCU)<strong>,</strong> which tackles the organised criminal groups responsible for financial fraud and scams. In the first half of 2020, the unit <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.u…; an estimated £12.5 million of fraud, secured 30 convictions, and disrupted seven organised crime groups (OCGs).</li> <li>Working with Cifas on the Don?t Be Fooled campaign, which aims to inform students and young people about the risks of giving out their bank details, and deter them from becoming money mules. The campaign website is here: <a href="https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fmoneym…; <li>Working with Pay.UK to implement the <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… Insights Tactical Solution (MITS)</a>, a technology that helps to track suspicious payments and identify money mule accounts.</li> </ul>
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