At OakNorth, safeguarding you and your money is our top priority. To keep you informed about the latest developments in fraud prevention, we’d like to share an important update.
The Payment Systems Regulator has introduced new regulations regarding reimbursement for individuals or certain businesses who fall victim to Authorised Push Payment (APP) scams.
APP fraud occurs when scammers deceive people or businesses into voluntarily transferring funds to them. Fraudsters will pose as well-known, legitimate businesses or government bodies to win a victim’s trust. These new regulations aim to offer greater protection and reassurance. Here’s what you need to know.
What are the details of the new regulation?
- The reimbursement requirement applies to individuals, microenterprises and charities, where an APP scam payment is made using Faster Payments and CHAPs payments in the UK and sent to a relevant account in the UK.
- The requirement applies only to payments made on or after 7th October 2024. You must have raised a claim within 13 months of the final payment made to a fraudster as part of the same scam.
- The maximum claim limit / reimbursement amount is £85,000.
What does this mean for you?
- If you fall for an APP scam and you meet the criteria set out above, you can raise a claim with OakNorth. Pending review and subject to the exclusions added below, you could be eligible to receive up to £85,000 in reimbursement.
- You can raise a claim by calling our Customer Service team on 0330 380 1181 or email us at [email protected]. We’re available from 9am – 5pm Monday to Friday, excluding bank holidays.
- Things to be aware of when making a claim:
- Comply with any information requests we might have to support our assessment of the claim.
- You might need to report this to the police or allow us to do so if needed.
- Every claim will be assessed on a case-by-case basis: considering the evidence presented by the customer, and any information available from the receiving payment service provider, or where relevant a third party such as the police.
- It is possible we may charge an excess of up to £100 for a claim.
Exclusions to be aware of:
- You can read more about exclusions to this regulation here.
