Responding to the launch of the Authorised Push Payment Scams Voluntary Code (the Code), Stephen Jones, Chief Executive of UK Finance, said:
Defending customers from fraud and preventing stolen money from going to criminals is a core priority for the finance industry. The launch of this voluntary Code is a significant moment, bringing a new level of protection from authorised push payment (APP) scams. From today, firms who have signed up to the code have committed to new standards of consumer protection and to reimbursing the victims of these scams, provided the customer has met the standards expected of them.
In situations where both the customer and their payment service provider meet the required standards set out in the Code, a customer of a firm signed up to the Code who falls victim to APP fraud will still receive their money back. To fund this compensation to victims, as an interim arrangement a number of the launch signatories of the Code have established a fund to provide reimbursements from implementation until a new long-term funding arrangement is in place no later than the end of this year. We are working with the regulators and government to establish this mechanism before the end of the year.
Meanwhile the industry continues to invest billions in tackling economic crime and protecting customers – developing sophisticated security technologies, helping law enforcement apprehend the criminals responsible and assisting the government in improving fraud intelligence sharing.
1. The following PSPs have committed to implementing the Code from today:
Payment Service Provider |
Brands |
---|
Barclays |
Barclays |
HSBC |
HSBC UK
First Direct
M&S Bank |
Lloyds Banking Group |
Lloyds Bank
Halifax
Bank of Scotland
Intelligent Finance |
Metro Bank |
Metro Bank |
Nationwide |
Nationwide |
RBS |
Royal Bank of Scotland
Natwest
Ulster Bank |
Santander |
Santander
Cahoot
Cater Allen |
Starling Bank |
Starling Bank |
2. The following PSPs have established a fund in order for customers in the ‘no blame’ scenario to be reimbursed from today:
- Barclays
- HSBC
- Lloyds Banking Group
- Metro
- Nationwide
- RBS
- Santander
Ends