Bank Transfer Fraud
Bank transfers (Faster Payments and CHAPS) are the most common method used in APP fraud. Since October 2024, your bank is legally required to reimburse you in most cases.
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Protection coverage
Maximum recovery: £85,000 (PSR) / £430,000 (FOS)
Time limit: 13 months from last payment (PSR) / 6 years (FOS)
Key points
PSR mandatory reimbursement applies — your bank must refund eligible claims
Maximum £85,000 under PSR, up to £430,000 via the Financial Ombudsman
5 business days for your bank to respond (35 days with stop-the-clock)
13-month deadline from your last payment to make a claim
Gross negligence is the only basis for refusal — a very high bar
If you sent money to a fraudster via Faster Payments or CHAPS from a UK bank account, the PSR mandatory reimbursement rules apply. Your bank must reimburse you up to £85,000 within 5 business days unless they can prove gross negligence.
This is the strongest protection available for fraud victims. The rules cover all types of APP fraud — investment scams, romance fraud, impersonation scams, purchase fraud, and more.
If your bank refuses, the Financial Ombudsman can independently review the decision and award up to £430,000.
Common Questions
Bank Transfer Fraud — your questions answered
Faster Payments (the standard way most UK bank transfers are sent) and CHAPS (used for high-value same-day transfers) are both covered. BACS, international transfers, and card payments are not covered by PSR rules specifically, though other protections may apply.
Each transfer is assessed individually under PSR rules. The 13-month clock runs from the date of your last fraudulent payment. All payments within the 13-month window may qualify for reimbursement.
We operate on a no-win, no-fee basis under a Damages-Based Agreement. If your claim is unsuccessful, you pay nothing. If we recover funds for you, our fee is a percentage of the amount recovered. The exact percentage is clearly explained before you sign anything, as required by SRA regulations.
The PSR mandatory reimbursement scheme applies to payments made within 13 months. For older cases, the Financial Ombudsman can consider complaints up to 6 years from the event, or 3 years from when you became aware. We can assess your eligibility during the free initial review.
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