New rules requiring banks to reimburse people who have been tricked into transferring money to a fraudster came into force on Monday (October 7). Reimbursement is mandatory up to the value of £85,000 under the rules set by the Payment Systems Regulator (PSR) and firms can also opt to apply an excess of up to £100. Some account providers have pledged to waive the excess – and some may also choose to consider claims for more than £85,000.
Despite the new rules, whether or not bank transfer fraud victims receive the full amount they lost may depend on who they bank with. How to avoid scams With that in mind, lets take a look at what some of the major banks have said around the new reimbursement policy. How much could you get back from your bank? Nationwide Building Society Director of protect at Nationwide, Jim Winters, said: “We’ve decided not to charge our customers the £100 excess if they are victims of fraud or scams.
“We will also continue to review on a case-by-case basis any claims for £85,000 and over. “It is vital we support victims of crime in their time of need while identifying ways to crack down and prevent fraud and scams before they take place, stopping organised crime and gangs in their tracks.” Virgin Money Virgin Money said it is not planning to apply the voluntary excess, including claims under £100.
Virgin Money said it is not planning apply the voluntary excess. (Image: Mike Egerton/PA Wire) TSB TSB, which has been operating its own fraud r.
