What are the legal obligations of banks in reimbursing victims of authorized push payment fraud?

Banks in the UK have a legal obligation to reimburse victims of authorized push payment (APP) fraud in certain circumstances, as outlined by the Contingent Reimbursement Model (CRM) Code. The code sets out standards for how banks should handle APP fraud cases, aiming to better protect consumers and provide a framework for reimbursement.

Consumers can recover their money by contacting their bank as soon as they realize they have been a victim of APP fraud. It is important to report the fraud promptly and provide all relevant details and evidence to support the claim. The bank will investigate the case following the CRM Code guidelines and determine if reimbursement is appropriate based on the circumstances of the fraud. If the bank finds that the consumer has been a victim of authorized push payment fraud and has met the necessary criteria, they should reimburse the funds to the victim.

It’s important for consumers to act quickly, provide necessary information, and cooperate with their bank in resolving the fraud case to increase their chances of recovering their money.