Virgin Money, the UK’s sixth largest bank, is the latest firm to become fully registered to the Contingent Reimbursement Model Code (the CRM Code) – a voluntary standard overseen by the primary self-regulatory body of the financial services industry, the Lending Standards Board (LSB).
The CRM Code sets out protections to prevent, detect and mitigate Authorised Push Payment (APP) scams. It also stipulates that firms should reimburse customers who are not to blame. Virgin Money’s registration signals its commitment to protecting customers from scams.
Full registration follows a seven-month interim registration period, during which the LSB worked with Virgin Money preparing the bank for full registration.
Fergus Murphy, Chief Customer Experience Officer at Virgin Money, said: “We are committed to protecting customers from APP scams and, if they are victim to a scam, supporting them as much as possible. Being fully registered to the CRM Code provides comfort and confidence to our customers, as they will benefit from the increased levels of protection we have introduced.
“This includes identifying where scams are most likely to happen and presenting scam warnings to customers when making a payment, as well as the continuation of our customer education programme.”
Mr Murphy continued: “All banks have a part to play in combating authorised push payment scams, and we encourage all providers to sign up to the CRM Code to ensure that consumers benefit from the protection measures it offers.”
Emma Lovell, Chief Executive at the LSB, added: “There has been a significant rise in APP scam cases in recent years. These scams can often form part of a wider, serious organised crime issue. Scammers aren’t slowing down, so protections and the fight against APP scams need to be stepped up.
“As the sixth largest bank and a prominent challenger brand, Virgin Money’s sign-up sends a powerful message that protecting customers from scams should be a priority for all banks and financial services firms.”
Further information on the Code can be found here.