PSR welcomes new industry code that protects people from APP scams
- Code will give people more protection than they’ve ever had before
- 8 banks, representing 17 bank brands will apply the code
- People who fall victim to APP scams more likely to get their money back
Today, a new industry code comes into force improving protection for people who fall victim to Authorised Push Payment (APP) scams.
The code, developed by consumer groups and the industry, follows work led by the Payment Systems Regulator (PSR). It is one of a number of initiatives the regulator has been driving forward to stop these devastating scams from happening in the first place, and to make sure people really are protected if they do fall victim to them.
From today, people who fall victim to an APP scam now have a greater chance of getting back their money because the banks have committed to do more for consumers.
Chris Hemsley, Co-Managing Director of the PSR said:
“APP scams can have a devastating impact on the people who fall victim to them. The code is a major step-up in protections and it reflects our strong belief that if somebody has done everything they can reasonably do to protect themselves, they should be reimbursed. I welcome the commitment that these banks have made to their customers.
“There has been a significant amount of work by consumer groups and the industry to develop and deliver this code and we are really pleased that these new protections are now available.”