What is the Authorised Push Payment (APP) scam reimbursement policy?

The Authorised Push Payment (APP) scam reimbursement policy has been set up by the Payment Systems Regulator (PSR) to safeguard individuals who fall victim to scams involving unauthorised bank transfers.

The policy ensures that banks respond consistently to such incidents, offering victims protection and support to recover their financial losses.

What is Authorised Push Payment fraud (APP fraud)?

Authorised Push Payment fraud, or APP fraud, is when fraudsters trick you into sending money from your bank account to theirs. This could be an impersonation scam, where someone pretends to be someone you trust, or a purchase scam, where you pay for fake goods or something that never arrives.

What are my APP scam reimbursement rights?

As of 7 October 2024, you have the right to be reimbursed if you fall victim to a scam involving third-party payments made via faster payments, i.e. Authorised Push Payment fraud. To qualify, you must report the fraud within 13 months of the transaction.

How do I report fraud and make a claim for reimbursement?

If you notice suspicious activity or believe you've been scammed, report it immediately. You can open a ticket with our customer service team, who will investigate and inform you of any required documentation.

Are all transactions eligible for reimbursement under the new regulations?

No, only third-party payments are covered. Payments received from or sent to accounts held in your own name are not eligible for reimbursement.

What is the maximum reimbursement amount?

The maximum reimbursement amount is £85,000. There is also a £100 claims excess, which you may need to contribute toward the cost of the claim.

Can my reimbursement claim be refused?

Yes, reimbursement may be denied if there is evidence of gross negligence, such as significant carelessness when handling your account or personal information.

How can I stay safe and avoid falling victim to scams?

• Enable notifications: Keep alerts on to instantly spot suspicious transactions.
• Use strong, unique passwords: Protect your accounts by regularly updating passwords.
• Beware of phishing: Always verify the source of emails or links before sharing information.
• Stay cautious of investment and crypto scams: Only work with FCA-regulated investment companies and legitimate platforms.

What should I do if I receive an unusual request from etoro?

etoro will never ask for your account password, OTP (one-time password), or request that you transfer funds from your etoro account to another financial institution. If you receive such a request, it may be a phishing attempt—report it immediately.

What if I have more questions or need help?

etoro’s dedicated support team is always available to assist. You can contact us through our Customer Service Center.