Contingent Reimbursement Model Code (CRM) for Authorised Push Payment Scams
Contingent Reimbursement Model Code (CRM) for Authorised Push Payment Scams
From 28 May 2019, consumers benefit from significantly increased protections against authorised push payment scams. This is because of a new industry voluntary Code developed by the APP Scams Steering Group. Click on the ‘CRM Code’ icon below for a copy of this Code.
Authorised push payment (APP) scams are when customers are tricked into authorising a payment to an account that they believe belongs to a legitimate payee – but is in fact controlled by a scammer.
The new Code sets out increased consumer protection standards which will help reduce the number of APP scams. To help protect customers, payment service providers (such as banks, building societies, credit unions, and electronic money and payments institutions) that have signed up to the Code commit to:
- protecting their 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.
Importantly, any customer of a PSP which is signed up to the Code will be fully reimbursed if they fall victim to an APP scam, provided they did everything expected of them under the Code. A customer can be either a consumer, micro-enterprise or charity, as defined in the Code.
For media queries relating to the CRM code, contact Lola Reid at Portland Communications:
- Email: lola.reid@portland-communications.com
- Telephone: 0207 554 1751
More information for consumers and on who signed up to the Code can be found by clicking on the icons below.
Documents relating to the APP Scams Steering Group can be found here.
