Last month , the CRM Code , which has safeguarded customers from Authorised Push Payment ( APP ) fraud since 2019 , will be replaced by a new framework from the Payment Systems Regulator ( PSR ). Overseen by the Lending Standards Board ( LSB ), the CRM Code covered over 90 % of APP fraud cases . In 2023 , signatories reimbursed 73 % of customer losses , a significant increase from 23 % before the Code ’ s introduction . he Contingent Reimbursement Model

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( CRM ) Code – which put in place requirements for signatory Payment Service Providers ( PSPs ) to detect , prevent and reimburse Authorised Push Payment ( APP ) fraud – closed on 7 October as new statutory rules on APP fraud reimbursement come into effect , the Lending Standards Board ( LSB ) has confirmed .

Since its introduction in 2019 , the CRM Code , which is governed by the LSB , has had a significant , positive impact in the fight against APP scams . This type of fraud sees customers tricked into authorising a payment to a scammer posing as a trusted individual or organisation .

The CRM Code , which covered over 90 % of reported APP fraud cases in 2023 , has helped drive up reimbursement rates for victims and improved the financial services sector ’ s ability to prevent and detect APP fraud , helping to limit the harm that these scams cause consumers .

• With the CRM Code in place , reimbursement rates have morethan trebled , with 73 % of CRM Code customers ’ APP fraud losses reimbursed by PSPs in 2023 – up from just 23 % in 2018 ( the year before the Code ’ s launch ).

• The average amount of money stolen per reported APP fraud case has tumbled from £ 4,200 in 2018 to £ 1,600 in 2023 for customers covered by the CRM Code ( and £ 2,000 for all customers ).

• As the CRM Code has bedded in , the amount lost through APP fraud has begun to fall – £ 460m was stolen in 2023 , representing a 20 % fall from the 2021 peak . www . intelligentfin . tech

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