UK banks can charge you £100 fees under new rules that have come in today

Brits could find themselves worse off under new banking rules that have been brought in to help protect individuals.

From today (7 October), changes are being made to try and protect people who have become victim to scammers, with their bank accounts hit by fraud and criminal goings on.

But the new rules to try and clamp down on this could actually leave you worse off.

Under the new system, the rules in the UK have changed so that your bank or building society has to legally refund you in most cases of fraud. It is part of industry-wide changes that have come in to force.

Capped at £85,000, it means a lot of people who have their money stolen will be able to get it back, which is great news for those who are unfortunate enough to be successfully targeted by thieves.

But in refunding you the money, banks have also been given the chance to charge you. Here's what you need to know.

Bank rules have changed (Getty Stock Images)

Why are the changes coming in?

It is to do with a massive rise in scams over recent years, primarily purchase and romance scams.

With purchase scams, these are where you're tricked in to buying something that doesn't exit or won't turn up. Romance scams take advantage of people looking for companionship. and usually leads to some form of financial transaction once trust has been gained.

There's also been a rise in impersonation scams, where criminals pretend to be official representatives from your bank or other official services. From there, they'll try and get you to hand over your bank details to take your cash or make you transfer money to a 'safe' location which, in reality, they have access to.

You could be charged for the claim (Getty Stock Images)

If I'm scammed, can I get my money back?

In a lot of cases, yes. It doesn't apply to everyone who loses their money, though.

It covers cash sent by UK bank transfer, either by Faster Payments or CHAPS. If you pay by card, cash and cheque, you won't be covered by the new rules, and your money will remain lost.

If you can claim your money back, you should get it within five working days, or up to 35 days if the case is complex.

Will banks charge me for claiming my money back?

Yes, but not in all cases.

All banks have the option of putting a £100 fee on your case, but it really is up to the bank if they do this or not.

Money Saving Expert (MSE) reports that LLoyds will charge the £100, but that Barclays 'might deduct' the cash, so you need to check your individual bank. If you've only been scammed out of a small amount, you might not feel it's worth it.

Fraudsters may change their approach due to the fee, some claim (Getty Stock Images)

"We'll apply a £100 excess from the total refund. This is a fixed amount for each claim you make. For example, if your claim is for £1,000, your refund will be £900," Lloyds writes.

MSE says the concern here is that scammers will now target lower amounts more often due to the £100 fee, writing: "For many, £100 is not a trivial amount to lose, and our concern about having this limit in place is that it could lead to scammers evolving their tactics to defraud people via smaller individual payments of less than £100 in the hope that victims won't report it, as they won't get it back."