Firms that play fast and loose with your data should pay too
UNDER the new code, victims of authorised push payment (APP) fraud will now be more consistently refunded, as long as they have met certain expected requirements.
Every pound stolen goes on to line the pockets of the criminal gangs responsible, funding other crimes such as drug trafficking, people smuggling and terrorism — which is why we continue to focus on recovering stolen funds, while also preventing scams from happening in the first place.
A new name- checking service, Confirmation of Payee, will add an extra layer of security when making bank transfers. This is expected to be introduced by the UK’s six largest banking groups by March 2020.
This will be another important tool in the fight against fraud — but it is not a silver bullet, and defeating fraudsters will require consumers to be on the lookout for potential scams.
You should always question any uninvited request to give your personal or account information in case it’s a scam, and instead contact the company directly using a known email or phone number. Data breaches are contributing significantly to this type of fraud. When, for example, customer details held by an airline, hotel or telecoms company are hacked, this can provide criminals with sufficient intelligence to attempt to scam those customers. It is vital that all companies do everything in their power to keep our data secure and take more responsibility for helping to reduce fraud. This should include contributing to financial recompense for victims. The banking and payments sector alone cannot be held responsible for this increasingly sophisticated criminal activity. We must work together across society to beat the fraudsters.