Financial Services: Fraud

(asked on 10th June 2019) - View Source

Question to the Home Office:

To ask the Secretary of State for the Home Department, what steps he is taking to ensure the provision of compensation to victims of financial fraud.


Answered by
Ben Wallace Portrait
Ben Wallace
This question was answered on 18th June 2019

The Government recently welcomed publication of the Contingent Reimbursement Model industry code, which came into effect on 28 May. This marks a significant step forward in the fight against Authorised Push Payment (APP) frauds, which involve customers being tricked into sending monies to a fraudster via a Payment Service Provider (PSP).

The code will ensure all customers transferring money between payment service providers that are signatories to the code will be fully reimbursed if the consumer has done everything they should to prevent the scam occurring. This code will also provide a greater level of protection for customers considered to be vulnerable to this type of fraud.

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