Bank refund limit set for fraud victims – your rights when you get scammed

Banks must now refund up to £85,000 of losses to victims of push payment fraud. Here is how your money is protected.

person looking at phone
(Image credit: Getty Images/d3sign)

Fraud victims have received new protections that will mean up to £85,000 of losses from a scam must be refunded by the account holder’s bank within five days.

The Payment Services Regulator (PSR) has set the maximum reimbursement limit for victims of authorised push payment (APP) fraud at £85,000.

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Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.