Scams and Fraud news in 2024
21 stories, newest first.
- December 2024
CRM Code wound down as statutory APP fraud reimbursement scheme introduced
The Lending Standards Board has confirmed that its Contingent Reimbursement Model Code ran from 2019 to 2024 and was wound down when the Payment Systems Regulator introduced statutory mandatory reimbursement for authorised push payment fraud.
Romance fraud losses reach £99.4m in 2024
Reported romance fraud losses reached £99.4m across 9,096 cases in 2024, according to Action Fraud data obtained by Which?, with men in their twenties the largest group of victims.
- October 2024
Payment Services (Amendment) Regulations 2024 come into force
Rules allowing banks and payment firms to hold back suspected fraud payments for up to four business days came into force on 30 October 2024, with new duties to tell customers and cover their costs.
Payment Services (Amendment) Regulations 2024 made
The Treasury made regulations on 8 October 2024 giving payment service providers a power to delay certain sterling payments made within the UK where they suspect the order followed third-party fraud.
PSR introduces APP scam reimbursement rules
The Payment Systems Regulator brought in mandatory reimbursement for victims of authorised push payment scams from 7 October 2024, with firms paying out unless a customer was grossly negligent.
Statutory reimbursement framework introduced and CRM Code retired
The Payment Systems Regulator's statutory reimbursement framework for authorised push payment scams took effect on 7 October 2024, the same day the voluntary Contingent Reimbursement Model Code was retired.
CRM Code stops applying to bank transfer scam transactions
The Contingent Reimbursement Model Code no longer applies to bank transfer scam transactions made from 7 October 2024, when mandatory reimbursement rules replaced the voluntary scheme.
- September 2024
CP24/11 consultation closes on the maximum level of reimbursement for Faster Payments APP scams
The Payment Systems Regulator's consultation on lowering the maximum reimbursement for Faster Payments APP scams from £415,000 to £85,000 closed on 18 September 2024, with the policy start date unchanged.
Scam text impersonates government Cost of Living Payments with bogus 'annual living allowance'
Which? has reported a scam text and copycat gov.uk website that ask people to apply for a fake "annual living allowance" and hand over personal and financial details.
Specific Direction 21 issued for CHAPS APP scam reimbursement
The Payment Systems Regulator has published Specific Direction 21, requiring firms participating in CHAPS to reimburse victims of authorised push payment scams from 7 October 2024.
FOS warns of rise in card-based authorised fraud
The Financial Ombudsman Service warned in September 2024 that more people were inadvertently using credit or debit cards to pay fraudsters, a pattern it says has continued to grow.
PSR publishes PS24/5 CHAPS APP scams reimbursement requirement
The Payment Systems Regulator has published Specific Direction 21, extending authorised push payment scam reimbursement rules to CHAPS payments from 6 September 2024.
- August 2024
Cifas data shows identity fraud on the rise in first half of 2024
More than 214,000 cases were filed to the Cifas National Fraud Database in the first half of 2024, up 15% on 2023, with identity fraud the most commonly reported type.
Consultation launched on extending APP scam reimbursement to CHAPS participants
The Payment Systems Regulator has consulted on proposals to require banks and other firms using the CHAPS payment system to reimburse customers who are victims of authorised push payment scams.
- July 2024
Amended legal instruments for APP scams reimbursement published
The Payment Systems Regulator has published amended legal instruments for authorised push payment scam reimbursement and confirmed the policy start date of 7 October 2024.
- June 2024
Pay.UK must publish final Faster Payments reimbursement rules and compliance monitoring regime
Pay.UK was required by the Payment Systems Regulator to publish final Faster Payments reimbursement rules and an approved compliance monitoring regime by 7 June 2024, ahead of the 7 October 2024 start date.
- May 2024
Consultation on CHAPS APP scam reimbursement requirement closes
The Payment Systems Regulator's consultation on extending authorised push payment scam reimbursement to CHAPS closed on 31 May 2024, with the same 7 October 2024 start date proposed as for Faster Payments.
- April 2024
Which? reveals Revolut fraud complaints outstrip all banks
Which? published Financial Ombudsman Service data showing that fraud complaints about Revolut in 2023 outstripped those about every bank, as the firm remains an e-money institution without a UK banking licence.
- March 2024
Which? and DNS Research Federation find more than 2,000 copycat bank website URLs reported in 2023
Research published by Which? and the DNS Research Federation found more than 2,000 web addresses imitating UK bank brands were reported to a phishing blocklist in 2023.
Scam text reports to 7726 lead to removal of more than 60,000 malicious websites
Increased reporting of scam texts to the 7726 service led to more than 60,000 malicious websites being removed in March 2024, according to figures shared by Action Fraud.
- January 2024
Reports of HMRC impersonation scams rising ahead of tax return deadline
Which? reports HMRC received more than 200,000 scam reports in the year to November 2023, up 9% year-on-year, and sets out the fake call, text and email tactics in circulation.