Banks: Internet Transfers of Cash

Lord Purvis of Tweed Excerpts

Thursday 9th July 2020 Lords Chamber

[Lord Purvis of Tweed (LD)]

In 2018, push payment scams meant that 84,000 victims lost £354 million in lost funds. The European revised payment services directive is due to come into force in the EU on 31 December 2020 to combat this, but for the UK this has been delayed again, until September next year. Why do the Government think that UK customers should be more vulnerable to online fraud and scams than those within the European Union?

[Baroness Penn]

My Lords, the UK takes all fraud, including APP fraud, extremely seriously. In the UK, we have set up the contingent reimbursement model code for APP scams, which ensures that, where victims are of no blame, they are refunded the payments that they lost out on.