From May 2019, a new ‘banking code’ was implemented to give consumers ‘increased protection from criminals’.
Consumer group Which? recently revealed that transfer scams cause £674 to be lost every minute. The new code requires banks and payment providers to follow a ‘new set of standards’ so that they can offer ‘better protection’ to customers. A large number of banks have already signed up to the new code.
Chief Executive of trade association UK Finance, Stephen Jones said, ‘The new code delivers a commitment from all firms who sign up to it to reimburse victims of authorised push payment scams in any scenario where the customer has met the minimum standards expected of them under the new code.’
Quote from Nigel Holland;
“This new banking code will help prevent people being taken advantage of via telephone scams. Banks agreeing to the new code means that a lot less people will suffer from losing money to these scammers.”