Lending Code Extended To Help APP Victims Better Understand Reimbursement Decisions
The UK's Lending Standards Board (LSB) has published updates that enables more firms to sign up the Contingent Reimbursement Model (CRM) Code - the set of voluntary standards that aim to protect people against authorised push payment (APP) fraud.
Launched in 2019 and overseen by the LSB, the CRM code requires signatory firms to detect, prevent and respond to APP scams.
Financial institutions that are signed up to the code must also make a commitment to reimburse customers who lose money in cases where they were not to blame for the success of a scam.
"Today's updates will up firms' scam prevention efforts, ensure a wider spread of customers are protected from scams and will help build transparency and understanding between firms and their customers," said Emma Lovell, chief executive of the LSB.
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