APP reimbursement code: How does it work and what could stop me being refunded?

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy People falling victim to crimes such as purchase scams, romance frauds and investment scams will have the protections of a new reimbursement code from Monday. A new code will require banks to reimburse people in cases where people have been tricked into sending money to a fraudster via bank transfer. Under the new code, reimbursement costs will be split between the sending and receiving banks – giving the receiving firm an added incentive to stop the scam happening in the first place. The new rules apply to UK bank transfers – when money is moved from one UK bank account to another over the Faster Payments system or Chaps.