8th November 2019

UK Finance welcomes Treasury Committee’s anti-scam recommendations

The Treasury Committee has published a report calling for the industry voluntary Code on authorised push payment scams, which was introduced in May this year, to be made compulsory through new legislation. The report also called for a 24-hour delay on bank transfers made to accounts for the first time, to try and prevent customers falling victim to scams.

Responding to this report, UK Finance Chief Executive Stephen Jones said: “Investing millions in security systems to defend customers, supporting law enforcement in disrupting criminals and helping customers protect themselves from scams are core priorities for the finance industry. The Authorised Push Payment voluntary Code is a key part of this work and provides important protections for customers of signatory firms from authorised push payment scams.

“Nevertheless, we welcome the Committee’s recommendations that issues of liability and reimbursement should best be addressed by new laws rather than just a voluntary Code alone, and the recommendation that third parties should be liable for the associated costs to financial services when they are responsible for data breaches that increase the risk of payment scams.

“We look forward to working through these and the other thoughtful recommendations made by the Treasury Committee to enhance the ability of the finance industry to combat the ongoing threat of economic crime.”