Small charities who have experienced fraud have been urged to reclaim lost funds through their banks through a scheme which came into force on 7 October. The scheme mandates banks and other payment service providers to reimburse victims of APP fraud carried out through the faster payments system and Clearing House Automated Payment System up to £85,000. It applies to charities with an income of less than £1m per year and that match the definition of a charity under the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 or the Charities Act (Northern Ireland) 2008).
The link to the scheme is provided here: https://www.psr.org.uk/media/th4jea5a/ps24-5-app-scams-chaps-reimbursement-sept-2024.pdf
