Barclays first bank to publish online scam refund details
Karl Flinders, 19 May 2021
Which? has called on banks to be more transparent about the proportion of victims of authorised push payment (APP) fraud they refund.
Barclays has signed up to a code to do so and has revealed that 74% of customers who suffered losses because of APP fraud in the first two months of this year have been repaid.
APP fraud, also known as bank transfer fraud, occurs when a consumer pays for something which turns out to be fake, and a criminal steals their money. Banks often reimburse customers through the Contingent Reimbursement Model, introduced in May 2019. This sets out when victims who are manipulated into making real-time payments to fraudsters are to be reimbursed and by whom, and banks usually take responsibility. Continue reading “Article: Barclays first bank to publish online scam refund details”
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