New code to protect consumers

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A number of major banks have signed up to a new voluntary code to refund the victims of Authorised Push Payment (APP) fraud.  The code aims to protect victims of scams where fraudsters socially engineer enough of their target’s personal information to convincingly impersonate a genuine payment or funds transfer.

The ingenuity of fraudsters means that consumers need to be on red alert regarding any contacts or requests for payments, however genuine they appear.  The new code may provide a safety net, but it pays to check and double check credentials before making payments.

Of course, one of the benefits of our Onescan approach is the additional control and security over payments that it offers to consumers by creating a trusted environment for each and every transaction. Nevertheless we naturally welcome moves by the banking community to further protect consumers.