What do the PSR APPF Reimbursement regulations mean for me?

Q: What do the PSR APPF Reimbursement regulations mean for me?

If you’re a victim of APP fraud , the new regulations will allow you to make a claim for your lost money. To do this, there are certain conditions you need to meet, called the ‘Consumer Standard of Caution’ . The regulations only apply to: Funds lost by either an individual or a small business with a turnover of less than – or an annual balance sheet total that doesn’t exceed – €2 million a year and with fewer than 10 employees Fraudulent payments made on or after 7 October that have been sent by bank transfer from one UK bank account to another by Faster Payments (a quick way of sending money between bank accounts) or CHAPS To make a claim, contact our Fraud Rapid Response team by calling 159, or tap Support > Report Fraud in your Tide app – our team is available 24/7 to chat with you. Do this as soon as you suspect you’ve made a fraudulent payment, and no later than 13 months after the last payment was made. If you do so later than this date, you’ll no longer be able to claim reimbursement. Please note, only funds amounting to £85,000 or less are eligible for reimbursement – so if you lost £100,000 to an APP scam and had a successful claim, a maximum of £85,000 could be reimbursed, minus a £100 excess fee.

If you’re a victim of APP fraud, the new regulations will allow you to make a claim for your lost money.

To do this, there are certain conditions you need to meet, called the ‘Consumer Standard of Caution’.

The regulations only apply to:

Funds lost by either an individual or a small business with a turnover of less than – or an annual balance sheet total that doesn’t exceed – €2 million a year and with fewer than 10 employees

Fraudulent payments made on or after 7 October that have been sent by bank transfer from one UK bank account to another by Faster Payments (a quick way of sending money between bank accounts) or CHAPS‘Yes, it’s me’.

You’ll receive an SMS with a one-time passcode. Enter it in the app and follow the instructions from there.

As a final step, you’ll be asked to take a selfie, and you’ll see a screen telling you that we’re performing some checks.

To make a claim, contact our Fraud Rapid Response team by calling 159, or tap Support > Report Fraud in your Tide app – our team is available 24/7 to chat with you. Do this as soon as you suspect you’ve made a fraudulent payment, and no later than 13 months after the last payment was made. If you do so later than this date, you’ll no longer be able to claim reimbursement.

Please note, only funds amounting to £85,000 or less are eligible for reimbursement – so if you lost £100,000 to an APP scam and had a successful claim, a maximum of £85,000 could be reimbursed, minus a £100 excess fee.

To force-close the app on an iPhone:

Unlock your screen > swipe from the bottom up > go to the Tide app window and swipe it up.

And on an Android device go to: ‘Settings’ > ‘Apps’ > select the Tide app > ‘Force stop’ > ‘Ok’.

Tap ‘Support’ in your app or email hello@tide.co if you:

Need to check with us about which email is associated with your account

Haven’t received an account recovery email or SMS

Keep seeing the ‘We’re checking your details’ screen after force-closing and reopening the app

Important: To use the Tide app, devices must run on either iOS 15 or above, or Android 10 or above.

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