Virgin Money is set to strengthen its security from scams by adopting the Contingent Reimbursement Model Code (CRM code).
The CRM code sets out to detect, prevent and mitigate potential Authorised Push Payment (APP) scams to protect customers and merchants.
The UK bank is working with the Lending Standards Board (LSB), which oversees and self-regulates the financial services industry.
This announcement comes on the heels of Virgin Money recently linking up with HooYu, a Know-your-customer tech provider aimed to redefine the customer journey.
“We are committed to protecting customers from APP scams and, if they are victim to a scam, supporting them as much as possible,” stated Fergus Murphy, Chief Customer Experience Officer at Virgin Money.
“Being fully registered to the CRM Code provides comfort and confidence to our customers, as they will benefit from the increased levels of protection we have introduced.
“This includes identifying where scams are most likely to happen and presenting scam warnings to customers when making a payment, as well as the continuation of our customer education programme.”
The CRM code stipulates that firms should reimburse customers who are not to blame.
Emma Lovell, Chief Executive at the LSB commented: “There has been a significant rise in APP scam cases in recent years. These scams can often form part of a wider, serious organised crime issue. Scammers aren’t slowing down, so protections and the fight against APP scams need to be stepped up.
“As the sixth largest bank and a prominent challenger brand, Virgin Money’s sign-up sends a powerful message that protecting customers from scams should be a priority for all banks and financial services firms.”