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.
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We talk more about this in our Support for Vulnerable Members FAQs.
As part of the declaration, we ask members if their vulnerability is ‘long-term’ or ‘short-term’. By understanding the types of challenges our community faces and how long for, we can do a better job of supporting them and their businesses.
