Virgin Money registers under CRM for boosted anti-fraud efforts

UK bank Virgin Money has become fully registered to the Contingent Reimbursement Model Code (CRM Code), a voluntary standard aimed at anti-fraud.

The CRM Code is overseen by the self-regulatory body of the financial services industry, the Lending Standards Board (LSB).

It sets out protections to prevent, detect and mitigate authorised push payment (APP) scams. It also aims to reimburse customers that are not at fault.

Virgin Money’s registration comes after a seven-month interim registration period, during which the LBS worked with Virgin Money preparing the bank for full registration.

Virgin Money chief customer experience officer Fergus Murphy said, “We are committed to protecting customers from APP scams and, if they are victim to a scam, supporting them as much as possible. 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.”

Last year, Virgin Money partnered with mortgage insight provider Hometrack to get a better understanding on how its portfolio is impacting climate change.

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