Thousands of people who fall victim to scams are to receive new protection, after a number of the UK\u2019s biggest banks agreed to introduce a new code.<\/p>\n
The code will give people better protection against authorised push payment scams, where victims are tricked into transferring around \u00a3354million a year, thinking they are paying a bank, a business or even HM Revenue and Customs.<\/p>\n
Last year over 84,000 bank customers lost money after being duped by financial scams, sometimes amounting to tens of thousands of pounds. However, only a fraction of the amount lost was refunded by banks.<\/p>\n
The new code should mean more people will be reimbursed, with the refunds coming from a central pot in circumstances when neither the customer nor the bank is to blame.<\/p>\n
The banking industry has committed to providing initial funding to immediately reimburse customers for these no blame situations until the end of 2019.<\/p>\n
The initial funding is intended to provide time for the banking industry to work alongside regulators and the Government to deliver sustainable funds to cover these reimbursements by January 2020.<\/p>\n
The providers that have committed to the code include seven of the UK’s largest banking groups: Barclays, Lloyds Banking Group, HSBC, Metro Bank, Royal Bank of Scotland, NatWest, Santander and Nationwide.<\/p>\n
Chris Hemsley, co-managing director of the Payment Systems Regulator, said: “APP scams can have a devastating impact on the people who fall victim to them.<\/p>\n
“The code is a major step up in protections and it reflects our strong beliefs that if somebody has done everything they can reasonably do in order to protect themselves, they should be reimbursed.<\/p>\n
“We welcome the commitment that these banks have made to their customers.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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