June 17, 2021
Business

The little-known rule book that has helped scam victims get refunds

Bank scam victims could have a better chance of getting a refund using a little-known document. 

The industry code of practice was introduced in October 2017 and lays out how payment providers should protect their customers from fraud.

However, the 31-page document – the British Standards Institution’s (BSI) code of practice PAS 17271:2017 – is not online and costs £102 to buy. 

Fraud refunds: The industry code of practice was introduced in October 2017 and lays out how payment providers should protect their customers from fraud

Yet the document has been used to help secure refunds for fraud victims denied by their bank.

The code spells out that organisations should have measures in place to detect suspicious activity that might indicate fraud.

This could include a sudden increase in spending, a large withdrawal or a considerable payment to a new payee. Experts say this would…

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