On 7 October 2024 the Payment Service Regulator (PSR) introduced new rules to help consumers that have lost money to Authorised Push Payment (APP) scamsopens in a new tab.

The new rules apply to all UK financial providers, but mostly involve bank-to-bank transfers. Although it could apply to certain types of transactions to your Capital One credit card.

What is an Authorised Push Payment scam?

An APP scam is when a fraudster tricks you into making a payment into a bank account controlled by them. These are usually done using the Faster Paymentopens in a new tab or CHAPSopens in a new tab payment systems, which enable quick transactions between banks.

What to do if you’ve lost money to an APP scam

Fraudsters can be very determined and will use a number of ways to trick you. So if you've been scammed, you shouldn't feel embarrassed and should report it straight away to your bank or credit provider.

Under the new rules, you can make a claim for a refund to your bank or credit provider. If your claim is successful, your money should be refunded within 5 working days. However, this can take up to 35 working days in some cases, where your financial provider needs extra time to gather more information about your claim.

You should always report any fraudopens in a new tab involving your Capital One card to us as soon as possible.

• If these new rules apply to the payments, we’ll let you know, so that we can start a claim for you
• If these rules don’t apply to the payments, they may be covered by other consumer protections, such as Section 75opens in a new tab

We’ll review all refund claims made to us on a case-by-case basis.

What you need to know

• These rules only apply to payments made to and from UK-based financial providers on or after 7 October 2024
• These rules only apply to Authorised Push Payment scams made using the Faster Payments or CHAPS payment systems
• If your claim is successful you’ll be refunded up to a maximum amount of £85,000
• Although we won't charge you an excess, you could be liable for up to £100 excess with some providers
• We’ll update your credit card terms and conditions by 9 April 2025 to say that we’ll refund you as required by these new rules

What isn’t covered by the new rules?

These new rules cover authorised fraud, where customers have been tricked into making a payment. However, when a payment is taken from someone’s account without their permission, it’s called unauthorised fraud. For example, when someone’s debit or credit card is stolen and used to buy something in a shop or online. There are different rules for reimbursing this kind of fraud, which your bank or credit card provider can help you with.

You won’t be able to claim your money back for payments made in the following situations:

• Payments made on a credit, debit or pre-paid card, or by cash or cheque
• Authorised payments that are NOT made by Faster Payments or CHAPS payment systems. These include cash withdrawals, cheques and international transactions
• If the payments in question are more than 13 months old when they’re reported
• The payment went to another account that you control
• You didn’t take the steps required to meet the Consumer Standard of Caution (see below)
• You’re dissatisfied with the product or service that you received from a legitimate retailer or business
• You’ve lied or misrepresented your situation for financial gain
• The payment is unlawful, for example if it was to buy an illegal item
• If the payment is to and from an account with a credit union, municipal bank, or a national savings bank (state-owned savings bank in the UK)

Protect yourself from fraud and scams

You should always be careful and cautious when making payments to any unfamiliar person or business.

The advice from Take Five to Stop Fraudopens in a new tab is to stop and think before you make a payment:

• Take a moment to stop and think before parting with your money or providing any personal information
• Ask yourself, could it be fake? It’s OK to reject, refuse or ignore any requests. Only criminals will try to rush or panic you
• Do your research and be suspicious of any too-good-to-be-true offers or prices
• Remember, your bank or the police will never ask you to transfer money to a safe account

You’ll find more advice on how to identify and protect yourself from fraud in our Safety and Security centreopens in a new tab.

What if you don’t take enough care when making payments?

There is a basic level of care that customers are expected to take when making payments and dealing with their finances. This is known as the Consumer Standard of Caution, which expects you to:

• Follow any guidance or warnings from your banks and credit providers around payments, fraud and making claims
• Report the fraud to your bank or credit provider as soon as possible, and no later than 13 months after the last fraudulent payment was made
• Provide any relevant information that your bank or credit provider asks you for, to help them investigate your claim
• Report the fraud to the police or allow your bank or credit provider to report it for you

Banks and credit providers don’t have to refund money lost in an APP scam if you have shown a significant degree of carelessness, by not following the above guidelines.

Get more help if you’re a vulnerable customer

Vulnerable customers have extra protections under these new rules. For some people their personal situations could make them more susceptible to scams, whether that’s due to their health or their personal circumstances, such as bereavement.

These situations can make it harder for vulnerable people to spot a scam, so they won’t be required to meet the Consumer Standard of Caution or pay an excess on the money they’ve lost.

How to report fraud to the Police

If you suspect fraudulent transactions have been made on any of your accounts you should also report it to Action Fraud, the national fraud and cybercrime reporting centre for the police. You can contact Action Fraud on 0300 123 2040 or at actionfraud.police.ukopens in a new tab.

If you are in Scotland, please report it to Police Scotland directly by calling 101.