BBC News is today reporting that a new voluntary code, which comes into effect on 28 May, has been agreed between banks and consumer representatives and is designed to give better protection to customers and reduce the incidence of this kind of fraud.
With UK Finance, the group representing UK banks reporting that in the first half of 2018 such scams cost consumers £92.9m, this will be very welcome news.
Customers will still be expected to have taken the appropriate steps to make sure the person they paid was not a scammer, but if they have taken reasonable care, then they will now be much more likely to be reimbursed.
You can read the full article here at BBC News
