New regulatory protections for APP scam reimbursement

Helping you keep your money safe is a cornerstone of what we do at Revolut.

Our 24/7 financial crime prevention team works round the clock to ensure your money’s safe. But if something were to happen, new protections are here to help ensure you aren’t left out of pocket.

From 7 October 2024, all UK consumers (including individuals, charities, and micro-enterprises) will have new regulatory protections if they become a victim of an authorised push payment scam (APP scam), up to the value of £85,000.

The policy has been set by the Payment Systems Regulator (PSR), the body that regulates payment systems in the UK. This includes a new APP scam reimbursement requirement, which applies to payment service providers, like Revolut, in the UK. 

You do not need to take any action to receive the new protections. If anyone contacts you requesting that you take any action in relation to these new rules (e.g. complete documents, sign up via a website, make any payment transfers), then it’s likely a scam. If you experience such a situation:

• Stop communicating with this person (they are likely a fraudster).
• Contact us immediately via chat in the Revolut app.

Please see below for some important information about these new protections, including their scope, reimbursement eligibility requirements, and how to make a claim. 

What is an Authorised Push Payment (APP) scam?

An authorised push payment scam, or APP scam, is where a scammer misleads you into sending your own money via bank transfer to an account they control either because they’ve pretended to be someone you intended to pay, or they tricked you into making a payment for a purpose that you didn’t intend. 

And remember: fraud can impact anyone, regardless of their background. If you find yourself a victim of any type of scam, you’re not alone — and there’s no need to feel embarrassed. We’re here to support you, so don’t hesitate to reach out for help.

What are my rights under the new APP scam reimbursement requirement?

From 7 October 2024, any payments that fall under an APP scam category will be considered for reimbursement, providing eligibility requirements are met. 

It’s important you take your time to read through our guidelines below to understand these requirements, and what payments are in scope within our reimbursement policy.

Who is eligible?

The protections apply to consumers (including individuals, charities, and microenterprises¹) with a UK payment account that transfer funds to another UK account. It doesn’t apply to payments made to non-UK accounts internationally. 

¹A business consisting of less than 10 staff, or holding less than £2 million in annual revenues.

What types of payment are eligible?

Only certain types of payment are in scope for APP scam protections, which include: 

• Payments made to a UK account number and sort code 
• Instant fiat currency (e.g. GBP, EUR, etc.) transfers from your UK Revolut account to another Revolut account 

There’s no limit to the amount of claims a customer can make under these new rules. Provided the fraudulent payment was made by the victim and it fulfils the eligibility criteria as outlined above, all transactions will be considered for reimbursement. 

Are there any other eligibility requirements?

To be eligible for reimbursement, all consumers must act with caution when making any payment. If we think a transaction looks unusual, we’ll warn you in your app — so please pay attention to them.

All customers must comply fully with Revolut and other national authorities (such as the police) when making a claim for reimbursement. This is our Consumer Standard of Caution policy. 

If you have not met the below standard, you may be found to be grossly negligent, and denied reimbursement.

In order to be eligible for reimbursement, you must meet all of the following criteria: 

You must be truthful
If your payment request triggers Revolut’s scam warning flows, you must be truthful in all answers to questions presented to you. If you do not answer truthfully, and as a result, this prevents us from providing appropriate levels of intervention, we may not reimburse you.

You must conduct basic checks before payment 
If the payment triggers Revolut’s scam warning flows, you must complete all checks requested by Revolut in order to make the payment. If you do not conduct these checks or you are not truthful when asked if you have conducted them, we may not reimburse you. This is because you may not have acted with caution when making the payment.

You must pass on all relevant information 
If you have potentially been defrauded, then you must provide all relevant information requested in order to assess the claim. This includes screenshots, information about the scammers and where the fraud originated. If you do not provide information that we request, then we may not reimburse you.

You must act promptly 
If you have been defrauded, then you must report the fraud within 13 months of the last transaction taking place. If you do not report the fraud to us within this time period, then we may not reimburse you.

You must authorise claim to be raised with police
If you have been defrauded, as part of the claims process we may wish to raise the issue with competent national authorities such as the Police. We are able to make this claim on your behalf, unless you want to make it yourself or already have done before raising a claim. If we ask for your permission to raise your claim with the Police and you decline, then we may not reimburse you.

We’ll take your personal circumstances into account, and where they have had a material impact on your ability to protect yourself from the scam, the Consumer Standard of Caution will not apply to you.

Can I apply for reimbursement on old transactions?

Only transactions made on or after 7 October 2024 will be eligible for reimbursement under this new requirement. Any transactions made before then will not be considered for reimbursement under these protections. You must raise a claim no longer than 13 months after the last potentially-fraudulent transaction. 

How long will it take to be reimbursed?

If your claim is valid and you have followed all steps in order to be eligible for reimbursement, you should be reimbursed within five business days of making a claim. Business days are Monday to Friday, excluding bank holidays in any part of the UK. 

This time limit of five working days is subject to you providing us with relevant information to assess your claim.

However, some more complex claims may take up to 35 business days to be reimbursed. This will only happen when we need extra time to gather information from you, the bank that received the payment, or a statutory body (such as the Financial Conduct Authority) to inform us of their assessment of the case. We will inform you if we need to take additional time to assess your claim.

What’s the maximum I can claim?

Under the rules, you are eligible to be reimbursed for all claims up to £85,000. This is the maximum amount you can be reimbursed per claim. This does not apply on a transaction basis, meaning if you send two transactions of £85,000 to a single account, you are still only eligible to be reimbursed a maximum of £85,000.

Is there an excess on my reimbursement?

We will apply a £100 excess per claim for all potential losses. This means that if you have a £1,000 claim and your claim is successful, then you will be reimbursed £900. The £100 excess will also apply to all claims under £100, unless your personal circumstances have had an impact on your ability to protect yourself.

Do any exclusions apply?

The APP scam reimbursement requirement is also subject to the following exclusions, which apply to all claims: 

• First-party fraud: if you intentionally engage in fraud or work directly with the fraudster –including if you have lied or misrepresented your circumstances for financial gain, you will not be reimbursed.
• International payments: any payment made overseas to an account held outside of the UK will not be eligible for reimbursement.
• Payment sent to an account in your control: payments you’ve made to another account that you control will not be eligible for reimbursement. This includes payments you’ve made to your own accounts held with crypto exchanges.
• Cards, cash, or cheques: any payments via these means will not be eligible for reimbursement.
• Civil disputes: any payment made to a genuine retailer or business where you are not happy with the product or service you have received.
• Investments: any payment made as an investment that is not deemed to be fraudulent.
• Credit unions: any payments made to a credit union, municipal bank, or national savings bank.

As always, if you have any further questions — or believe you have been a victim of any fraud or scam — then reach out to us straight away via the in-app chat.