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  • The Independent

    New requirements to reimburse victims of bank transfer scams set out

    by Vicky Shaw Dec 21, 2023 4 minutes
    Source: PA Archive

    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 prevention and see

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