Industry Backs Mandatory Fraud Reimbursement Call

Top banking industry groups have backed lawmakers’ recommendation for the UK government to compel all payment service providers (PSPs) to reimburse innocent fraud victims.

The Treasury Select Committee last week said that the government should legislate the Contingent Reimbursement Model (CRM) code, which governs how fraud victims should be reimbursed for fraudulent payments and is currently voluntary. 

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