Banking code offering ‘increased protection from criminals’ takes effect

From 28 May 2019, a new ‘banking code’ designed to offer consumers ‘increased protection from criminals’ takes effect.

Consumer group Which? recently revealed that £674 is lost every minute via bank transfer scams. The new code requires banks and payment providers to follow a ‘new set of standards’ in order to offer ‘better protection’ to consumers. Many banks have already signed up to the code.

Commenting on the issue, Stephen Jones, Chief Executive of trade association UK Finance, said: ‘Protecting customers from the threat of scams and stopping money going to criminals are amongst the finance industry’s foremost priorities.

‘Over the last year, the industry has been working in partnership with consumer groups, including Which?, to develop the code, which helps strengthen standards for consumer protection and reimbursement.

‘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.’

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