App fraud reimbursement claims
Updated
The Payment Systems Regulator is introducing new protections from October 7, 2024 - designed to help protect you from Authorised Push Payment (APP) fraud.
As a Business Account user, these new rules ensure that if you fall victim to an APP fraud scam, you could be reimbursed for your loss, up to £85,000 per claim.
What is APP fraud?
APP Fraud occurs when someone is tricked into sending money to a fraudster posing as a genuine payee. Examples of APP Fraud include:
Impersonation scams: scammers pose as a legitimate company or government organisation (delivery firm, retailer, tradesperson, bank, HMRC) to trick consumers into transferring their money.
Purchase scams: fraudsters offer goods and services which do not materialise.
Romance scams: imposters enter online or in-person relationships before requesting money, using emotional manipulation as a tool.
Investment and loan scams: scammers convince victims to invest with promises of high or guaranteed returns or criminals charge victims an administrative fee for a loan they do not receive.
What do you need to know?
Eligibility: The reimbursement rules only apply to domestic transfers made using the Faster Payments Systems.
Time limits: Payments made on or after 7 October 2024 fall under the new rules. You must have raised your claim within 13 months of the final payment to a fraudster as part of the same scam.*
Coverage: Claims are capped at £85,000. Teya is entitled to charge a claim excess of £100 per claim.*
Exclusions
Reimbursement may not apply in certain cases, such as:
First-party fraud: When the fraud involves the customer knowingly participating.
Gross negligence: If you do not follow the consumer standard of caution.
Other exclusions: Card payments, payments outside the UK, international transfers, cheques/cash payments, funds that are subject to a private civil dispute, funds that were sent for unlawful purposes, or cases where claims are made after the 13-month time limit.
Consumer standard of caution
When making payments, customers are expected to:
Follow warnings or advice issued by us or national authorities about potential scams.
Promptly report any suspicious or fraudulent transactions to us as soon as you become aware of them.
Cooperate by providing requested information to support our investigation.
Report the incident to the police.
This standard helps us protect you from fraud and assess your eligibility for reimbursement in the event of a scam. Failure to meet these expectations could result in your claim being denied unless you are classified as a vulnerable customer.
The claim process
How to raise a claim
Please contact us immediately via in-app chat, email, or phone call to initiate the reimbursement claim.**
You will also need to complete the claim form here below and email it to help@teya.com with subject line "APP fraud reimbursement claim”.
Claim decision
We will review the evidence, assess the claim, and if eligible, reimburse you within 35 business days.
Our team will assess each case individually, and we may need further documentation or cooperation from you, including reporting the scam to the authorities.
Should you disagree with our decision, you can escalate the issue through our complaints process, as well as contact the Financial Ombudsman Service.
*If a customer is deemed vulnerable and this affects their ability to protect themselves, additional protections apply. For instance, the consumer standard of caution and the optional excess may not apply in these cases.