Victim of bank phone scam!

kaMelo

Teapot55 said:

CRM. What is CRM, please? 

Contingent Reimbursement Model.

Due to the rise in people falling victim to authorised push payment scams the regulator, under pressure from consumer groups, introduced the Contingent Reimbursement Model. Banks were strongarmed encouraged to sign up to the voluntary scheme which gives their customers more protection should they fall victim to such a scam.
It's not a catch all as there are examples which would mean the bank were not liable, such as collusion or transactions that are civil disputes rather than scams but it's as close to a catch all as can be without being one.

wiseonesomeofthetime

Hopefully, I shall never fall victim to such a scam, however, I do find it incredible that, despite numerous warnings on their websites and apps, banks are still being held liable to repay funds to those who have ignored such advice and warnings.

Where does this "repay" money come from, and how does it affect the rest of us customers, or in the case of building societies, members?

Silvertabby

wiseonesomeofthetime said:

Hopefully, I shall never fall victim to such a scam, however, I do find it incredible that, despite numerous warnings on their websites and apps, banks are still being held liable to repay funds to those who have ignored such advice and warnings.

Where does this "repay" money come from, and how does it affect the rest of us customers, or in the case of building societies, members?

Exactly.  The possibility that someone could ring their bank and say "I've been scammed out of £XXK  but the law says you've got to reimburse me" is just beyond ridiculous and open to abuse.

Whilst I have every sympathy with the OP, bearing in mind  his/her medical problems, the warnings about these push scams are widely known.

When I receive one of these calls my standard response is now to say 'bollx' and  hang up.  Apologies again to british gas and vodaphone........

born_again

wiseonesomeofthetime said:

Hopefully, I shall never fall victim to such a scam, however, I do find it incredible that, despite numerous warnings on their websites and apps, banks are still being held liable to repay funds to those who have ignored such advice and warnings.

Where does this "repay" money come from, and how does it affect the rest of us customers, or in the case of building societies, members?

Out of the profits for the UK banks.

Not ALL banks/Building Society's have signed up. So with some people may not get refunds if customer has failed to heed warnings given.

eskbanker

kaMelo said:

Due to the rise in people falling victim to authorised push payment scams the regulator, under pressure from consumer groups, introduced the Contingent Reimbursement Model. Banks were strongarmed encouraged to sign up to the voluntary scheme which gives their customers more protection should they fall victim to such a scam.
It's not a catch all as there are examples which would mean the bank were not liable, such as collusion or transactions that are civil disputes rather than scams but it's as close to a catch all as can be without being one.

wiseonesomeofthetime said:

Hopefully, I shall never fall victim to such a scam, however, I do find it incredible that, despite numerous warnings on their websites and apps, banks are still being held liable to repay funds to those who have ignored such advice and warnings.

The CRM code has undoubtedly increased the amount of reimbursement to customers, but it's still (just) a minority that are refunded, according to the annual UK Finance fraud report so it's not really a free-for-all, even though the FOS case shared above does demonstrate that the issue of what constitutes an Effective Warning is a grey area:

Our latest figures show that £147.0 million of losses were reimbursed to victims under the APP voluntary Code in 2020, accounting for 47 per cent of losses in these cases. This is up from 41 per cent of losses being reimbursed in cases assessed under the Code in 2019, and more than double the 19 per cent of APP losses that were reimbursed before the Code was introduced.

It's still unclear exactly what happened in OP's case but it may not actually be an APP scam as such, if OP effectively disclosed their login credentials rather than initiating a payment to the fraudsters....

Bigbobby

Just an update guys that I have received all the money back from First Direct!!!

Teapot55

Thanks for the update, @Bigbobby. Sometimes people don’t get round to giving an update and you never do find out what happened. 

They were quick!

Just goes to show, you think you know who’s ringing you but it might not really be them at all. 

cymruchris

That's very positive news - you've kindly shared your experience with us - don't be afraid to share it with your friends and family too - spread the awareness as far as you can - thousands have been caught out, you weren't the first and you're far from being the last.