TBT CHECKS | Scammed into making a transfer? Banks refund money in 88% of cases, but half of victims do not even ask

We checked data from the Payment Systems Regulator (PSR). Since 7 October 2024, banks and payment firms in the UK have, in principle, had to refund customers who were tricked into sending a transfer to a fraudster themselves – so-called APP (authorised push payment) fraud. The rule covers Faster Payments and CHAPS transfers.

According to the PSR’s Q1 2026 figures, described on 10 August by consultancy Plenitude, 88% of money lost to such fraud has been refunded since the rules came in – £316 million. In Q1 2026 alone banks returned £72.6 million – the most since the scheme began – and £249.6 million over the year. Only about 2% of claims were rejected because the customer had not taken enough care.

An independent report prepared for the PSR, published on 1 July 2026, shows that APP fraud losses on Faster Payments fell by about 21% after the rules were introduced – £73 million a year. There is, however, another side: as the PSR reported a year after launch, 49% of victims did not try to get their money back at all, and 71% did not know about the rules.

What it means for you

If you paid by bank transfer for goods that never arrived, or a “bank” persuaded you to move your savings to a “safe account”, you have a good chance of getting your money back. But you must report it – the bank will not do it for you.

Our assessment

The rules work: banks are refunding most of the money and there is less fraud. The biggest problem is lack of awareness. Among the Polish community, which often uses ads and social media groups, purchase scams are common – and according to the PSR almost 60% of APP fraud victims lost money in purchase scams.

What to do

• Call your bank immediately (the number 159 connects to most banks) and say it is APP fraud.
• Make a written refund claim and keep evidence: conversations, screenshots, transfer confirmation.
• Check the rules and data on the PSRwebsite.
• If the bank refuses, you can go to the Financial Ombudsman Service.

Source: Plenitude / PSR data (10.08.2026); Regulation Tomorrow (01.07.2026); PSR (08.10.2025).