From 7 October 2024, some of our UK customers will be protected by the new Reimbursement Rules introduced by the Payment Systems Regulator.
What are the Reimbursement Rules?
These rules protect consumers who are victims of Authorised Push Payment (APP) scams, requiring the banks and/or payment companies involved to reimburse them.
Who is eligible?
UK “consumers”, which means:
- Individuals (e.g. sole traders)
- Micro-enterprises (annual turnover and/or balance sheet of €2 million (or sterling equivalent) or less and fewer than 10 employees)
- Charities with an annual income of less than £1 million
What payments are protected?
APP scam payments made on or after 7 October 2024 using Faster Payments from one UK account to another.
When should you report a scam?
Report as soon as you suspect you’ve been scammed, and no later than 13 months of the final payment to a fraudster as part of the same scam.
How much can you claim?
Up to £85,000, subject to an excess of £100.
Are there exclusions?
Yes, including:
- Payments made outside of the time and amount limits referred to above
- Gross negligence – if you have shown a significant degree of carelessness in meeting the consumer standard of caution (see below)
- International payments
- Payments which take place across payment systems other than Faster Payments
- Scam payments made using cheques and cash
- Payments made to an account you control
- Payments that are not authorised by you (i.e. where the fraud does not involve your active participation)
- Civil disputes
- Where payments are sent or received by credit unions, municipal banks and national savings banks
- “On-Us” payments (i.e. payments to or from another myPOS account)
- First party fraud (where you have acted fraudulently)
How to protect yourself – the “consumer standard of caution”
- Follow any warnings given by us or competent national authority. For instance, if we specifically warn you prior to making a payment that you should review that payment for fraud and you ignore that warning then you may not qualify to be reimbursed
- Report the scam promptly upon learning or suspecting of falling victim to a scam
- Cooperate with information requests from us to support our assessment of your claim
- Report the APP scam to the police or allow us to do so on your behalf
Vulnerable customers
If you are vulnerable, and this affects your ability to protect yourself from a scam, the consumer standard of caution and the excess do not apply. If you are a vulnerable customer, we will need to understand the nature of your vulnerability.
How to make a claim
Email us at: PSRclaims@mypos.com
You can also contact us directly on: +44 20 3129 1091 or chat with us via the myPOS app or website.
Our commitment to you
Every claim will be assessed on a case-by-case basis: considering the evidence presented by you, and any information available from the other payment service provider involved in the fraudulent payment, or where relevant a third party such as the police. We will respond to your claim within 5 working days, either to agree reimbursement, reject you claim (with reasons why) or to ask for more information from you so that we can come to our decision.
If you are not happy with our decision
You can use our complaints process https://www.mypos.com/en-gb/contacts?form=contact_us_complain if you are dissatisfied with the outcome of the claim, including escalating to the Financial Ombudsman Service (FOS).