Finance ombudsman overturns more than three-quarters of bank decisions on APP fraud

 Finance ombudsman overturns more than three-quarters of bank decisions on APP fraud

The Financial Ombudsman Service (FOS) has overturned more than 75% of decisions referred to it by consumers after banks refused to pay them back for losses to authorised push payment (APP) scams.

Through a voluntary reimbursement code, banks are instructed to reimburse victims of APP fraud, which occurs when criminals use fake websites and emails to trick consumers into authorising payments to them.

Figures from consumer rights organisation Which? show the FOS is receiving a growing number of complaints from consumers that they are not being reimbursed. In 2020 to 2021, complaints increased from 3,600 to 7,770.

Three-quarters of these complaints were supported by the Financial Ombudsman Service, resulting in the customer being reimbursed.

The bank with the highest proportion of decisions overturned was NatWest Group, which includes the Royal Bank of Scotland, where 86% of cases referred by unhappy customers were supported by…

Read full article at www.computerweekly.com