I N D U S T R Y O U T L O O K vulnerable customers , their use of effective warnings , and their record keeping . Signatory PSPs responded to the warning with significant increases in reimbursement rates as well as decreases in the amount of money stolen through APP fraud .
I N D U S T R Y O U T L O O K vulnerable customers , their use of effective warnings , and their record keeping . Signatory PSPs responded to the warning with significant increases in reimbursement rates as well as decreases in the amount of money stolen through APP fraud .
The CRM Code ’ s protections have been based on three key pillars : the detection of payments which may have been made as a result of a scam ; the prevention of APP fraud ; and a requirement for signatories to reimburse customers who fall victim through no fault of their own .
The incoming statutory framework for the reimbursement of APP fraud victims , which will be overseen by the Payment Systems Regulator ( PSR ) from 7 October , does not contain specific APP fraud prevention or detection requirements , includes the option for PSPs to levy an ‘ excess ’ fee of up to £ 100 per claim , and will cap reimbursement at £ 85,000 . The CRM Code does not feature any excess fees or reimbursement caps .
Lovell adds : “ Reimbursement following a successful scam helps undo the financial impact of fraud on a customer , but
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