What are the new Payment System Regulator rules?
The PSR has introduced new rules to help protect you if you've fallen victim to a scam. These rules apply to all UK banks to ensure innocent customers have a fair chance of getting their money back. Here’s what they mean for you:- Banks must refund eligible fraud claims up to a maximum of £85,000.
- Banks can charge an excess of up to £100 per claim, meaning you might have to cover this amount.
- TSB won’t apply this excess, so you’ll get back every penny of your approved claim.
- If your claim is approved, your money will be back in your account within 5 business days.
What don’t these new rules cover?
While the new PSR rules offer protection for many scam victims, there are certain situations where you may not be eligible to claim. Here's what isn’t covered:- Purchase disputes: If you paid for something and didn’t receive it or it wasn’t as described, this is considered a purchase dispute rather than fraud. You may need to raise a dispute through the retailer or payment provider instead.
- Fraud cases more than 13 months old: If the scam happened more than 13 months ago, your claim may not be eligible under the new rules.
- Private or civil disputes: Situations involving personal disagreements or legal disputes aren’t covered, such as lending money to someone who hasn’t paid it back.
- If you were implicit in the fraud: If you knowingly took part in a fraudulent scheme, you won’t be eligible for reimbursement.
Types of scams and fraud
Scammers use sophisticated tactics to trick you into handing over your money or cryptocurrency. One of the most common fraud methods is impersonation scams, where a scammer pretends to be from your bank or another trusted organisation to deceive you. Here are some of the key scams to watch out for:- Impersonation scams: A fraudster pretends to be your bank, the police, or another trusted organisation to convince you to transfer money or share personal details.
- Phishing: You receive a fake email, text, or message that looks like it’s from your bank or another trusted company, tricking you into clicking a link and entering sensitive information.
- Spoofing: Scammers make their phone number, email, or website appear as if it’s coming from your bank or another trusted source to gain your trust.
- Investment scams: Fraudsters promise high returns on fake investments often involving cryptocurrency or stocks, encouraging you to send money to them.
- Romance scams: Scammers build an emotional connection with victims online, then invent emergencies to persuade them to send money.
- Authorised Push Payment (APP) fraud: You’re tricked into transferring money to what you believe is a genuine account, but it actually belongs to a scammer.
What do these new rules mean for victims of scams or fraud?
Scammers rely on deceptive tactics and psychological manipulation to make their scams seem legitimate. They often use urgency, authority, and emotional pressure to convince you to transfer large sums of money. That could be through cryptocurrency schemes, fraudulent investments, or fake bank transactions. Many victims only realise they’ve been scammed when it’s too late. The new rules provide stronger protection, ensuring that victims of PSR APP fraud are entitled to reimbursement of up to £85,000. To qualify for a refund:- The fraud must have occurred within the last 13 months.
- You must have been tricked into authorising a payment to a scammer.
- You must not have been involved in the fraud yourself.
What does this mean for TSB customers?
If you’re a TSB customer, you can claim up to £1 million under the TSB Fraud Refund Guarantee for eligible fraud-related transactions. This applies to both authorised and unauthorised transactions, as long as they meet the guarantee’s criteria. To qualify, the fraudulent transaction must have taken place between 14 April 2019 and midnight on 6 October 2024. Claims for fraud that happened after 6 October 2024 will not be covered.Who’s eligible to claim
You may qualify for the TSB Fraud Refund Guarantee if you are:- An individual who has fallen victim to fraud.
- A microenterprise – a business with fewer than ten employees and an annual turnover or balance sheet total of €2 million or less.
- A charity with an annual income of less than £1 million, as defined by the Charities Act 2011 (England & Wales), Charities and Trustee Investment (Scotland) Act 2005, or the Charities Act (Northern Ireland) 2008.
How to claim money lost to fraud as a TSB customer
We understand the emotional and financial distress caused by scams and fraud. Get in touch with our team of fraud recovery experts who will support you through the process of reclaiming what’s rightfully yours. When you have one chance to maximise your claim amount, don’t bank on TSB, bank on our team of expert solicitors to ensure you get the maximum refund you are entitled to.Maximising the money you can recover with TSB fraud claim specialists: How WRS can help
We know how to get results for our clients. Our team of regulated solicitors specialises in all types of fraud and scam claims—including those involving TSB. In fact, we know how TSB handles fraud cases, so we’re best placed to fight for what’s rightfully yours. What to expect with WRS:- Specialist fraud solicitors: Our team specialises in fraud claims, giving us an unmatched understanding of the financial system. Giving you the best chance of success.
- Maximise your claim: With experts in bank-related fraud tracing and recovery, our proven legal strategies can help maximise your claim. It’s how we’ve recovered over £45,000,000 for clients like you.
- Proven tracing services: Our team of experts work to gather evidence and trace lost funds to increase your chances of recovery.
- Trusted by thousands: We’re rated 4.8/5 on Trustpilot with 1,000+ satisfied clients to date.