UK Finance Banking On Push Payment Code As Losses Rise

New fraud figures from UK Finance have shown that losses from authorised push payment (APP) scams continue to rise, although the trade body emphasised that the effects of the newly-adopted reimbursement code are yet to be reflected in the numbers.

Although UK Finance, which represents the country’s banks, was at pains to point out that the year-on-year numbers could not be accurately compared due to an increase in the number of reporting institutions in the interim, the report shows that APP scams remain a pressing issue.

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