Our Fraud Refund Guarantee has given our customers industry-leading protection from fraud for over 5 years. Now, the Payment Systems Regulator is making sure other banks catch up by introducing rules, which will apply to all UK banks, for reimbursing certain types of fraud.
What do the new rules cover?
The new rules are making it mandatory for banks to refund Authorised Push Payment (APP) fraud. APP fraud is when someone tricks you into making a bank transfer by Faster Payments or CHAPS.
What do the new rules do?
- Banks have to refund eligible fraud claims up to a maximum of £415,000
- Banks can set an excess of up to £100 per fraud claim. TSB won't apply this excess
- If your claim is successful, the bank will put your money back in your account within 5 business days
What don’t the new rules cover?
- Purchase disputes and other transactions made using your debit or credit card
- Payments that aren't Faster Payments or CHAPS, for example international payments, cash withdrawals, loans, and cheques
- Fraud cases that are more than 13 months old at the time you report it
How TSB will deal with fraud from 7 October 2024
Our priority remains to support and protect innocent victims of fraud. Here's what we're doing around the new UK Fraud rules from 7 October 2024:
Refunds under the new rules
- We'll refund eligible claims under the new fraud rules
- We won't apply the £100 excess on claims where we refund
- If your claim is successful, we'll put your money back in your account within 5 business days
The new rules rely on the customer showing caution when it comes to banking and payments. This approach is called the Consumer Standard of Caution, which boils down to these common sense measures:
- Paying attention to any warnings or guidance shown by the bank or building society
- Quickly reporting the fraud to their bank
- Sharing any information necessary for the fraud claim investigation
- Reporting the fraud to the police or allowing the bank to report it on their behalf
We’ll take into account the customer’s personal circumstances at the time the fraudulent payment was made. We do not repay losses if the customer is involved in committing the fraud.
Refunds for fraud not covered by the new rules
- If a TSB customer experiences a type of fraud that's not covered by the new refund requirements, we'll review each claim on a case-by-case basis and, if successful, we can refund eligible fraud cases upto a maximum of £1,000,000.
- We'll take into account whether you've complied with the new Consumer Standard of Caution and also other factors in deciding whether a full refund, partial refund or other action is appropriate for the circumstances of your claim.
We’ll take into account the customer’s personal circumstances at the time the fraudulent payment was made. We do not repay losses if the customer is involved in committing the fraud.
What does this mean for you?
The Fraud Refund Guarantee will continue to apply until midnight 6 October. From 7 October the new fraud rules will take effect and we'll review all other types of fraud on a case-by-case basis.
If you're a victim of fraud report it to us and we'll investigate and keep you updated on your claim.
Problems with something bought by card?
If you buy something with a TSB debit or credit card and have been misled by the seller, or the item wasn't delivered, or it's faulty, then it could be a dispute.
How do I report fraud?
If you think you've been scammed, you can report it to us by app, call or branch. We'll investigate your fraud claim and try to get your money back to you.
How to protect your money
Check out our 5-step security check on how best to keep yourself safe from fraudsters.
How to recognise fraud
We've pulled together the information you need to help you spot the key signs that something's not right and might be fraud.
Any questions?
The TSB Fraud Refund Guarantee applies for payment fraud transactions on your TSB account during the period of 14 April 2019 until midnight on 6 October 2024. You cannot claim for transactions after 6 October 2024.
- As you'd expect, we will not repay losses where customers are involved in committing the fraud.
- Customers will not be refunded where they have abused the guarantee, for example by making a payment despite suspecting it to be a scam, by not following account safety information, and/or by making repeated claims under the guarantee.
- The guarantee doesn't cover purchase disputes, where you pay for something with your TSB account and the goods or services don't meet your expectations. This could be if the item arrives differently to how it was described. If you feel you've been misled by the seller you may be able to claim under the chargeback rules or the Consumer Credit Act, if you used a debit card or credit card.
- The guarantee covers authorised and unauthorised transactions for claims meeting the criteria. For authorised transactions the guarantee is limited to £1 million per claim.
- TSB customers will need to contact us to report fraud by calling the number on the back of their card. Alternatively, customers can call 0800 023 4113 (credit and debit card related fraud) or 0800 096 8669 (internet, mobile, or phone related fraud).
Then what happens?
- We will quickly investigate the fraud claim, to make sure that we understand how it's happened so that we can give you safety advice to make sure you're not affected by fraud again. We may also need to help you to reset your login details or other account information.
- Once we've assessed your claim, we'll let you know the outcome. If the claim is successful, we'll refund your account as quickly as possible.
- We look for what happened and how it happened, so we can give you advice to protect you from future fraud.
- We know how important it is to pursue fraudsters. And we use our investigations to gather the evidence needed to prosecute the criminals behind fraud attacks.
Authorised push payment (APP) fraud rankings in 2022
Authorised push payment (APP) fraud happens when someone is tricked into transferring money to a fraudster’s bank account. These charts use data given to the Payment Systems Regulator (PSR) by major banking groups in the UK, in 2022.
You can read the full report by visiting www.psr.org.uk/app-fraud-data
Share of APP fraud refunded
This data was provided by major UK banks in response to a request from the PSR and shows the proportion of total APP fraud losses that were reimbursed, out of 14 firms. Higher figure is better.
APP fraud received per £million transactions: smaller UK banks and payment firms
This data shows the amount of APP fraud received per million pounds of transactions, out of 20 firms. Lower figure is better.
APP fraud sent per £million transactions
This data was provided by major UK banks in response to a request from the PSR and shows the amount of APP fraud sent per million pounds of transactions, out of 14 firms. Lower figure is better.
APP fraud received per £million transactions: major UK banks and building societies
This data shows the amount of APP fraud received per million pounds of transactions, out of 20 firms. Lower figure is better.
