Payment scam victims protected under voluntary bank code
Victims of Authorised Push Payment (APP) scams are now more likely to get their money back following the launch of a new banking industry code, amid warnings that banks are being slow to use technology in the fight against financial crime.
The APP Code, developed by consumer groups and the banking and payments industry, follows work led by the Payment Systems Regulator (PSR). Banks which have signed up to the code have committed to deciding whether to reimburse victims of APP within 15 working days.
Read more at Accountancy Daily.
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