Customer scam refunds
New rules for customer scam refunds
From 7 October 2024, to protect you from fraud we’ll follow a new set of rules for customer scam refunds.
These rules cover Faster Payments or CHAPS and only apply to your business if it:
- isn’t part of a group of businesses, and
- has an annual turnover and/or balance sheet of €2 million or less, and
- employs fewer than 10 people, or
- is a charity whose annual income is £1 million or less.
If your payment is before this date, your claim may be covered by our scam code.
We’ll continue to review these claims on a case-by-case basis.
What do I need to know?
How to make a claim
Tell us right away if you believe you’ve sent a payment to a fraudster’s bank account.
You need to make a claim within 13 months of sending the payment, or the last payment if you sent more than one.
You can only claim a refund for Faster Payments or CHAPS.
When making a payment, always pay attention to our guidance and warnings.
How much can I claim?
You can make a claim for any amount, but we’ll only refund up to a maximum of £85,000 under these rules.
We’ll apply a £100 excess from the total refund.
This is a fixed amount for each claim you make.
For example, if your claim is for £1000, your refund will be £900.
If something prevents you from being able to protect yourself while making a payment, we won’t apply the excess.
What happens after I submit a claim?
We’ll investigate the information you share and refund you within five working days.
But if we need more time to investigate, it may take up to 35 days.
You should also report this to Police Scotland or allow us to share information with the police if necessary.
We won’t refund your money if you provide false details or pretend to be someone else.
To find out more about these rules, please go to the full PSR Consumer Guide.