After this code goes into effect, consumers who have been tricked into transferring money directly to a fraudster may find they are more likely to get their money back. Concerns were raised by consumer campaigners that victims of these scams, known as authorised push payment (APP) fraud, may lose life-changing sums of money and never see their money again because they have authorised the bank transfer, according to Aol UK.
Such frauds often involve criminals posing as someone the victim thinks is legitimate, such as staff at a bank or a business. Nevertheless, users will still have to take reasonable care to make sure the person they are transferring money to is legitimate, and in “no blame” scenarios they could find themselves being reimbursed.
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