The CRM Code
The CRM Code sets out consumer protection standards to reduce APP scams, which occur when customers are tricked into authorising a payment to an account they believe belongs to a legitimate payee.
Signatory firms 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;
- 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; and
- reimbursing customers who are not to blame for the success of a scam.
In January 2021, the LSB published its report following a review of the Code. A timeline of activity to implement the recommendations made in the report was published in February 2021.