Authorised push payments

Call us immediately on 0330 333 4000 if you've a sent payment you believe could to be a scam.

New authorised push payment scam reimbursement rules

From 7 October 2024, new rules came into effect in the UK, giving customers the right to ask for reimbursement if they’ve been a victim of an authorised push payment (APP) scam. 

What you need to know:

Reimbursement rights

If you’ve made a payment from your account through Faster Payment or CHAPS and it turns out to be a scam, you can ask us to reimburse you. You need to let us know as soon as possible and within 13 months from the last payment involved in the scam, and there’s a financial limit of £85,000.

*Please note the reimbursement does not apply to cash or cheque payments*

Claims process

If you’re eligible for reimbursement, you’ll usually receive it within five business days of your request. We may need a bit more time (up to 35 days) if we’re waiting for additional information. In some cases, you may need to pay an excess of up to £100, which we’ll look at on a case-by-case basis. By submitting a claim, you agree to respond to reasonable requests for your information by Principality and allow Principality to share their details with relevant authorities.

If you are unhappy with the outcome of your claim you can contact the The Financial Ombudsman Service.

• Postal address: The Financial Ombudsman Service, Exchange Tower, London E14 9SR  
• Telephone number: 0300 123 9 123
• Switchboard: 020 7964 1000  
• From outside the UK: +442079640500 

You must refer your complaint to the Financial Ombudsman within 6 months of receiving your outcome letter.;

You can also view our latest complaints report. 

Consumer standard of caution

It's important to stay alert and aware of scams when making payments. Reimbursement might be refused if it’s found that you acted fraudulently or with gross negligence. Exceptions may be made for vulnerable customers. 

Next steps

We’ll be updating our Savings Terms and Conditions (by 9 April 2025) to explain your rights and how to report a scam if it affects money sent from your Principality account. We’ll keep this page up to date with any changes. You can also visit your local branch or our social media channels for any updates. 

What are authorised push payment scams?

Authorised push payment (APP) scams happen when someone is tricked into sending money to a fraudster posing as a genuine payee. Every year thousands of individuals and businesses fall victim to APP scams, which can have a devastating impact on people's lives.

As payments made using real-time payment schemes are unchangeable, the victims cannot reverse a payment, even if they realise it was a scam.

There are various types of APP scams which are either:

• 'Malicious payee’
  • For example, tricking someone into purchasing goods which don’t exist or are never received.
• ‘Malicious redirection’
  •  For example a fraudster impersonating bank staff to get someone to transfer funds out of their bank account and into that of a fraudster.

Investment fraud, share fraud and boiler room scams

It's likely you have been targeted by investment scammers if you’re receiving a large volume of phone calls, letters or emails, persuading you to invest quickly. 

Scammers of this nature will deliver a polished sales pitch and often present offers as ‘exclusive’ to you. They offer investments in ‘unique commodities’ like wine, land banking, carbon credits, diamonds and graphite. Potential victims will be promised high returns, but these will usually be worthless.

Share or boiler room fraud involves fake stockbrokers, cold-calling people to pressure them into buying shares that promise high returns. In reality, the shares are either worthless or non-existent.

How to protect yourself from being a fraud victim:

• If you're considering any type of investment, always remember if it seems too good to be true, then it probably is.
• Always be wary if the initial contact is a cold call or unsolicited email or letter.
• Don't be forced into making a quick decision.
• Fraudsters often imitate reputable authorised firms, so confirm the scheme is genuine by calling the firm.
• Check the companies' contact details on the FCA register.
• Consider obtaining independent professional advice before making any investment decision, particularly if you're not familiar with that type of investment.
  
  You can visit the FCA ScamSmart investor page to find out more about scams including how to avoid investment scams and report a scam or unauthorised firm. Please note Principality is not responsible for the content of external websites.