Bank impersonation and Authorised Push Payment scams
In short. Bank impersonation (or 'safe account') scams persuade victims to transfer money to a 'safe' account they have been told is theirs but is actually controlled by the criminal. Since 7 October 2024, UK Authorised Push Payment (APP) fraud reimbursement rules require the sending and receiving banks (over the Faster Payments and CHAPS schemes) to refund eligible victims up to £85,000 within 5 working days.
UK Finance reported £459.7m lost to APP fraud in 2024, of which £214m was reimbursed under voluntary codes. The new PSR-mandated reimbursement regime that took effect on 7 October 2024 standardises payouts and shifts 50% of the cost onto receiving banks.
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Common patterns
- Text or call from 'your bank' saying suspicious activity has been spotted
- The caller can sometimes quote partial card numbers or transactions to seem genuine
- Pressure to move money to a new 'safe account' the caller claims is in your name
- Spoofed caller ID showing the bank's real number
- Variants include 'HMRC arrest warrant', 'NCA fraud team', or 'police investigating your account'
Six things a real bank won't do
- Ask you to move money to a 'safe account'
- Ask for your full PIN, password or one-time passcode
- Send a courier or taxi to collect your bank card
- Tell you it's investigating you and you must stay on the line
- Pressure you to install remote-access software
- Tell you not to mention the call to staff at your branch
The 2024 APP reimbursement regime
From 7 October 2024 the Payment Systems Regulator requires receiving and sending banks on Faster Payments and CHAPS to refund eligible APP fraud victims up to £85,000 per claim, within 5 working days. A customer 'standard of caution' applies — gross negligence can reduce or remove reimbursement, but the bar is high.
Reimbursement is split 50/50 between the sending and receiving banks. Vulnerable customers cannot have their reimbursement reduced for negligence. An optional £100 excess applies to most claims.
FAQ
What should I do if I think I've been scammed?
Contact your bank using the number on the back of your card (not any number the caller gave you). Report to Action Fraud (0300 123 2040) or Police Scotland (101). Keep all texts, emails and screenshots — they support a reimbursement claim.
Will I definitely get my money back under the new rules?
Eligible APP fraud victims are reimbursed unless the bank shows gross negligence. Investment scams from outside the UK, international transfers, and crypto transfers are not covered by the standard regime. A £85,000 cap applies per claim.
How long do I have to claim reimbursement?
You must report the scam to your bank within 13 months of the last payment to be eligible for the mandatory reimbursement regime.