Credit, collections & insolvency news
Today (7th October, 2024) marks the start of major new protections for victims of Authorised Push Payment (APP) scams. APP fraud happens when someone is tricked into sending money to a fraudster via bank transfer, which can lead to devastating impacts on its victims and reduce consumer confidence when making payments. Payment firms are now…
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The Contingent Reimbursement Model (CRM) Code which puts in place requirements for signatory Payment Service Providers (PSPs) to detect, prevent and reimburse Authorised Push Payment (APP) fraud will close on 7th October as new statutory rules on APP fraud reimbursement come into effect, the Lending Standards Board (LSB) has confirmed. Since its introduction in 2019,…
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The Payment Systems Regulator (PSR) has warned that reimbursement for those tricked into transferring money to fraudsters still largely depends on who the victim banks with. PSR data on authorised push payment (APP) scam reimbursement show that victims reported 252,626 cases of APP scams in 2023, with these totalling nearly £341 million. Under the existing…
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A quarter of fraud victims may end up getting no refund at all despite new rules designed to force banks to reimburse money lost in bank transfer scams, according to new research from personal finance site Finder. The new rules, which come into force on 7th October, apply to authorised push payment (APP) fraud – when a…
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