TBT CHECKS
Since 7 October 2024 banks and other payment providers must, as a rule, reimburse victims of APP fraud for money sent via Faster Payments, up to £85,000 per claim. The protection covers individuals, micro-enterprises and small charities.
According to an independent review published on 1 July 2026 for the regulator, the PSR, the share of losses reimbursed rose from 54% to 65%, and losses covered by the scheme fell by about 21%, or around £73m a year. More than 99% of eligible claims fall within the £85,000 limit.
The protection does have gaps, however. Fraud outside the scheme is growing: international transfers (up from £21m in 2023 to £60m in 2025) and payments via crypto exchanges. The regulator plans a consultation in December 2026 and a decision on changes in May 2027.
Editorial comment
For a small business this is important: a micro-enterprise (up to 10 employees and up to €2m turnover or balance sheet) can also recover its money. But you have to act fast and remember that transfers abroad, including to Poland, and via cryptocurrency may not be protected.
What to do
- After a fraud, call your bank immediately on 159.
- Report it to Action Fraud (Report Fraud) and keep the crime reference number.
- Gather evidence: messages, account numbers, transfer confirmations.
- If the bank refuses, you can complain to the Financial Ombudsman Service.
- Take particular care with international transfers. They may not be protected.
What do you think?
Have you come across a scam like this? What worked and what didn’t? Tell us in the comments below the article. We will cover the most interesting views in future editions.
Sources
- Bratby Law: review of the reimbursement scheme after a year
- Grant Thornton: the APP reimbursement scheme
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