New requirements to reimburse victims of bank transfer scams set out
People who have been tricked into transferring money to fraudsters will be able to receive up to £415,000 back per claim under new requirements coming into force next year, a regulator has confirmed.
The Payment Systems Regulator (PSR) outlined the new consumer protections against authorised push payment (APP) fraud, which will come into force from October 7 2024.
At present, many banks have signed up to a voluntary reimbursement code, but there have been concerns that this has been applied inconsistently – meaning the chances of getting a refund may, to an extent, depend on who someone banks with.
The regulator said its new reimbursement requirement will prompt a step-change in fraud
