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Emma Lovell , Chief Executive of the LSB reimbursement alone cannot undo the emotional distress so often associated with APP fraud .
“ PSPs signed up to the CRM Code have worked hard on putting preventative measures in place since 2019 . Even though the new regulatory framework does not include prevention requirements , I ’ d expect the CRM Code signatories to continue to build on the progress they ’ ve made , and the sector must ensure that the momentum from the Code is not lost . The Code has helped slow , but not yet reverse growth in the number of APP scams ; now is not the time to lose focus . The prevention of APP fraud must remain top of the agenda for all PSPs , otherwise there is a risk that customer harm may increase under the new framework .
“ PSPs that will now be required to reimburse customers for the first time should look to the Code to catch-up on the lessons already learned by signatory firms .” � www . intelligentfin . tech
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