The CRM Code
The CRM Code sets out consumer protection standards to reduce APP scams, which occur when customers are tricked into authorising a payment to an account they believe belongs to a legitimate payee.
Signatory firms commit to:
- protecting their customers with procedures to detect, prevent and respond to APP scams, providing a greater level of protection for customers considered to be vulnerable to this type of fraud;
- greater prevention of accounts being used to launder the proceeds of APP scams, including procedures to prevent, detect and respond to the receipt of funds from this type of fraud; and
- reimbursing customers who are not to blame for the success of a scam.
The Lending Standards Board provided oversight of the CRM Code until 7 October 2024 to ensure that its protections were applied by signatory firms.
The Payment Systems Regulator’s statutory reimbursement framework was introduced on 7 October and the CRM Code was retired.
Read more about the impact of the CRM Code here.
News
Scams: Is Anyone Safe?
CRM Code for Authorised Push Payment fraud winds down having more-than trebled reimbursement rates, slashed average losses, and slowed scam growth
The new rules for Authorised Push Payment fraud reimbursement – and what they mean for scam prevention
