From 7 October 2024, some new regulations for Authorised Push Payment (APP) fraud will increase consumer protection in the UK.
Here’s a quick look at what’s changing:
- Better Refunds: You’ll have a stronger chance of getting your money back if you’re scammed into making a payment through Faster Payment Scheme (FPS) or Clearing House Automated Payment System (CHAPS). The new rules make it easier to claim a refund if you’re tricked.
- Smarter Fraud Detection: Banks will have to up their game in spotting and stopping fraud before it happens. They’ll be more proactive in catching scams.
- Clearer Warnings: Banks will give you better information on how to spot fraud and protect yourself. Expect clearer alerts if something looks suspicious when you’re making a payment.
- Easier Claims Process: It will be simpler to reclaim your money if you fall victim to fraud, with a more straightforward process to track your claim.
- Better Reporting: Banks will need to report fraud more thoroughly, which helps keep things transparent and tackles scams more effectively.
These updates aim to make sure you’re better protected and can recover lost funds more easily.
To learn about your rights if you do fall victim to an APP scam, please click the button to learn more.
