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Protecting customers from financial harm as a result of fraud or financial abuse. Code of practice
This PAS gives recommendations to organizations for protecting customers from financial harm that might occur as a result of fraud or financial abuse.
The PAS also gives guidance on how to recognize customers who might be at risk from fraud and financial abuse, how to assess the potential risks to the individual and how to take the necessary actions to prevent or minimize financial harm.
In cases where fraud or financial abuse has already occurred, the PAS gives guidance on how to help and support customers, and how to minimize future risks.
This PAS does not cover financial services provided to businesses, organizations that only hold, manage or process personal data, or the sale of products and services by retail organizations. It does not cover financial service providers operating outside the UK, even if they are providing services to UK consumers.
The PAS is applicable to any size or type of organization, operating in the UK, that manages the money or other financial assets of UK consumers, in particular banks, building societies, credit card providers, credit unions, and pension providers.
NOTE 1 This PAS could also be of interest to local authorities across the UK that provide social care services.
NOTE 2 This PAS cannot help organizations to prevent fraud or financial abuse from external threats, but aims to help them minimize or prevent the financial harm experienced by customers as a result of these activities.
NOTE 3 Fraud or financial abuse can involve transactions which are not authorized by the customer, or are authorized by a customer who has been deceived or socially engineered by a criminal.
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