Consumer Protection Code – Scams & Fraud

The Consumer Protection Code requires firms to have controls and systems in place to counter financial abuse risks (such as fraud) to consumers. 

This doesn’t mean that financial services firms can prevent all fraud or scams from occurring. But firms are at the frontline of preventing fraudulent and abusive transactions, so they have an important role in helping to address the consequences of actions that lead to consumers being defrauded. 

 

A digital-only provider is a bank or financial services company that operates entirely online, without physical branches you can walk into.

If you are a victim of fraud when using a digital-only provider, you need to have confidence that the issue will be acted on straight away.

Firms are required to have processes in place to mitigate the risks of financial abuse occurring – including scams and fraud.  They are also required to notify you in a timely manner in the event of any digital fraud.  And they must communicate the supports available to you and the actions that you can take if fraudulent activities occur.

The Consumer Protection Code: For clarity, for informed decision-making, for you.


See also:

Financial Scams

Learn to spot common scams and how to protect yourself from them.