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Fraud: What Is the Contingent Reimbursement Model?

FICO

The Contingent Reimbursement Model (CRM) is a UK payments industry initiative designed to reimburse victims of authorised push payment fraud (APP fraud). As the Which Super Complaint points out, with APP fraud UK consumers and businesses have been left unprotected, compared to other payment methods.

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UK Losses to APP Scams Are Surging — What Can Banks Do?

FICO

The short answer is that instant, irrevocable payments are very attractive to criminals, who are further emboldened by the UK’s Contingent Reimbursement Model (CRM) Code , enacted in May 2019, which requires banks to support APP scam victims. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity?

Scams 52
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UK Losses to APP Scams Are Surging — What Can Banks Do?

FICO

The short answer is that instant, irrevocable payments are very attractive to criminals, who are further emboldened by the UK’s Contingent Reimbursement Model (CRM) Code , enacted in May 2019, which requires banks to support APP scam victims. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity?

Scams 40