MSP calls for banks to sign-up to customer protection code

Stewart Stevenson, MSP for Banffshire and Buchan Coast,has written to the chief executives of several banks which have yet to sign up to the code
Stewart Stevenson, MSP for Banffshire and Buchan Coast,has written to the chief executives of several banks which have yet to sign up to the code

A North-east MSP has called for banks to urgently sign up to a new code which is designed to protect users from payment scams.

The code, which came into force in May, aims to make it easier for victims of authorised push payment (APP) fraud to get their money back and avoids life changing sums of money being lost.

Recent figures from UK Finance shows that a staggering £354 million was lost to bank transfer fraud in 2018, with only £83 million of it recovered.

Stewart Stevenson, MSP for Banffshire and Buchan Coast, has written to the chief executives of several banks which have yet to sign up to the code, urging them to offer greater protection to fraud victims and introduce the customer protection code.

Commenting Mr Stevenson said: “The launch of the APP voluntary code in May marked a significant moment, bringing a new level of security from scammers.

“Individuals across Scotland must be protected from fraudsters and it’s incredibly concerning that not all bank and building societies guarantee refunds to APP fraud victims yet.

“All too often victims of APP fraud are losing money to this type of crime and so I’m calling for urgent action from banks to help protect those affected.”