LSB has established an Advisory Group to support its stewardship of the new Contingent Reimbursement Model Code for Authorised Push Payments (the CRM Code). LSB took over responsibility for the Code on 1 July.
Push payment scams occur when consumers are tricked into authorising payments which they did not intend to make. In the first half of 2019, 57,549 consumers lost £208m as a result of these scams.
Eight firms, representing seventeen brands, are already signed up to implement the Code covering over 85% of authorised push payments; LSB and UK Finance are working to bring other firms on board.
The Advisory Group will challenge and support LSB in overseeing the Code. The Group, which is chaired by Ruth Evans, held its first meeting on 18 September. It has three members drawn from the participating firms and three members who represent the consumer interest.
Access the press release here.
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