If you're tricked into sending a bank transfer to a scammer, you can get a refund under mandatory UK rules. The scheme covers Faster Payments and CHAPS transfers up to £85,000. We usually issue refunds within 5 business days, though investigations can take up to 35 business days. Just report it within 13 months and message us in the app to start. 💸
Types of covered transfers
The Payment Systems Regulator sets strict rules to protect you if you fall victim to an Authorised Push Payment scam. This happens when a criminal tricks you into willingly sending money from your account.
Right now, these protections cover transfers made within the UK using Faster Payments or CHAPS. The maximum amount we can return to you under these rules is £85,000. There's no minimum claim limit, so please get in touch even if you only lost a small sum.
How the refund timeline works
If we approve your claim, you'll usually see the money back in your account within 5 business days. However, complex fraud cases can sometimes take longer to solve.
We can pause the 5-day clock if we need to gather extra details or evidence from the receiving bank. In those situations, the rules give us up to 35 business days to make a final decision. Don't worry, we'll keep you updated along the way. ⏳
Steps you need to take
To qualify for a refund, you need to meet the UK consumer standard of caution. This just means acting honestly and taking basic steps to keep your money safe.
You must report the scam to us as soon as you realise what happened. You also need to share any information we ask for and report the details to the police.
⚠️ We can't offer a refund if you show gross negligence. This means doing things like ignoring a clear, direct warning from us right before you sent the cash.
What isn't covered by the rules
Some types of transactions fall completely outside of this regulatory protection scheme. We can't cover any funds sent using cash, cheques, or debit cards. International transfers and payments to other accounts you control are also excluded.
The scheme doesn't deal with business disagreements over poor service or product quality. It also excludes transfers to credit unions or national savings banks.
Refund costs and excess fees
If your claim is successful, a £100 excess fee might apply to your refund. This means we'll take £100 off the total amount we return to your business account.
However, we'll never apply this fee if your personal circumstances made it hard to protect yourself. We review every single scam report on a case-by-case basis with total empathy.
If you're unhappy with our decision
We always try our best to reach the right outcome. If you don't agree with our final decision, please let us know so we can review your case again.
If you're still not satisfied after our review, you can take your claim to the Financial Ombudsman Service. They're completely independent and will look at everything fairly without charging you a penny.
You can write to them at: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
You can also call them on 0800 023 4567 or 0300 123 9123. Read more about their process on the Financial Ombudsman website.