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From the end of May 2019 a new voluntary code of good practice comes into effect offering genuine victims of complex bank scams more chance of reimbursement. Moneywise magazine looks into how victims can get their money back…

“More than 34,000 cases of authorised push payment (APP) fraud were reported in the UK in the first half of 2018, with bank customers losing £145 million. In the majority of these cases, banks refused to return the lost funds to customers because they had authorised the payment after being tricked by scammers. In the majority of these cases, banks refused to return the lost funds to customers because they had authorised the payment after being tricked by scammers…

The burden of proof will now be on banks rather than customers and they will have to prove that a customer acted carelessly when they were scammed. For example, if a customer ignores warnings when setting up a new payee it could still be argued that they were negligent…

Barclays, Lloyds, HSBC, RBS and Metro banks have all signed up to the code, and Santander and Nationwide have also agreed to join, according to the Payment Systems Regulator…”