Below are the conditions to be deemed eligible for reimbursement. Your transaction must:
- Have taken place from 7 October 2024
- Be reported to your financial institution within 13 months
- Have been made by bank transfer (through either the Faster Payment or CHAPS schemes)
- Have been made to a UK Financial Institution account, from a UK Financial Institution account belonging to an individual, microenterprise, or charity
If multiple payments were made from your account to the fraudster’s account, you can report all of them in one claim. You just need to ensure your claim is made within 13 months of the last payment.
Please note that the PSR’s mandatory reimbursement rules won’t apply in the following cases:
- If you fail to take the steps required to meet the Consumer Standard of Caution
- If the payment you made was unlawful, such as attempting to purchase something illegal
- If it’s a civil dispute (e.g., you paid a legitimate business but are dissatisfied with the product or service provided)
- If the money was sent to an account that you had control over
- If your payment was made to or from a credit union account, municipal bank account, or national savings account (i.e., from a state-owned savings bank in the UK)
- If you make a false claim
The maximum amount a bank may refund you is £85,000.