What is the ‘Consumer Standard of Caution’?

The PSR APPF regulations allow people to make a claim to their bank if they’ve lost money to APP fraud, though there are certain conditions to doing this.

These conditions are called the Consumer Standard of Caution. Before and after you make a bank payment, there are certain steps you must take in order to lodge a claim for reimbursement. These are:

• You need to follow any warnings from your bank, such as an alert that the payment you are making is fraud or could be fraud. You also need to follow any instructions from the police or the National Crime Agency

• You must report the fraud as soon as you can, and no more than 13 months after the last fraudulent payment was made

• Your bank may ask you for additional information about your claim. You need to make sure you respond to these requests

• Once you have made a claim, your bank may ask you to report the details of the fraud to the police, or they may offer to do this on your behalf. You should consent to these steps being taken