If you fall victim to an Authorised Push Payment (APP) fraud, you have the right to be reimbursed under certain conditions. It's important to understand your rights, the scope of the reimbursement process, and what is required from you.

Payments in Scope

You will be eligible for reimbursement if the payment you made meets the following criteria:

Who Can Be Reimbursed: Individuals, microenterprises, and charities are eligible.

Type of Payment: The payment must be made using Faster Payments or CHAPS in the UK.

Where the Payment Was Sent: The payment must be sent to a UK account that you, as the payer, do not control.

Conditions for Reimbursement:

The payment was authorised by you but did not go to the intended recipient, or

The payment was made for a different purpose than you intended.

Protect yourself and report concerns immediately. You should:

Follow Guidance: Pay attention to any warnings about different types of scams and recommendations relating to specific payments, taking precautions where required.

Report Scams Promptly: As soon as you suspect or become aware of a scam, report it to us immediately- we may be able to freeze funds or request other companies to do so.

Provide Necessary Information: You need to provide details about what happened, promptly. This information is vital for processing your claim.

Cooperate with Law Enforcement: Report the scam to the police or consent for us to do so on your behalf, as this supports the investigation and your claim.

By adhering to these steps, you help ensure a smooth reimbursement process.

Reimbursement applies only to payments made on or after 7 October 2024.

Claims must be raised within 13 months of the final payment made to the fraudster as part of the same scam.

Your Payment Service Provider may apply a maximum excess value of 100 £ to the reimbursable APP scam claim.

Maximum claim limit

The maximum level of reimbursement is £85 000.

Vulnerability Considerations

If you are considered vulnerable and this vulnerability affects your ability to protect yourself from the scam, the consumer standard of caution and the excess do not apply.

Exclusions to the reimbursement requirement

Firstparty fraud

Gross negligence: if the consumer standard of caution was neglected

Time exclusions: (e.g., claims made before 7 October 2024 and APP claims submitted more than 13 months after the final payment to the fraudster)

International payments: Payments made outside the UK.

Payments Using Other Systems: Payments that occur across other payment systems, or using cheques or cash.

Unauthorised Payments: Payments made to an account you control, or that were not authorised by you.

Civil disputes

Payments Involving Certain Institutions: Payments sent or received by credit unions, municipal banks, or national savings banks.

On-Us Payments: Payments made between accounts within the same financial institution.

To raise a claim, you can contact us at the following address: compliance@fyorin.com

The assessment of your scam claim should generally be completed within 5 business days.

If additional information is required from you or other involved Payment Service Providers, the timeframe may be extended, but the final assessment will be completed within 35 business days from the date the claim is raised.

You will be informed and updated if the timeframe is extended.

If you are dissatisfied with the outcome of your claim, you may follow the existing complaint process or escalate the matter to the Financial Ombudsman Service (FOS).

When raising a claim for an FPS APP scam, it's important to include the following details to ensure your claim is processed efficiently:

Information to Include in Your Claim

Account information:

Provide the sort code and account number of the account from which the payment(s) was made.

Provide the sort code and account(s) number of the account to which the payment(s) was sent.

Amount of the scam: Please include the amount of all APP scam payments.

Scam Description: Clearly explain what happened, including who you believed you were paying and why you made the payment. Describe how you were deceived and the circumstances leading to the scam.

Payment Purpose: State the intended purpose of the payment, such as buying goods or investing in a scheme, or other purposes.

Communication with the Scammer: Provide details on any ongoing communication with the scammer, including whether you’re still in contact.

Supporting Evidence: Include any documentation that supports your claim, such as emails, messages, screenshots, or transaction confirmations, which demonstrate that the payment was not intended for the recipient it ultimately reached.

Any additional information: By providing this information, you help your Payment Service Provider assess your claim accurately and increase the likelihood of a favourable outcome.

Fyorin offers a fast and secure cross-border and domestic payment platform. Through our platform and technology, we are protecting you by offering:

Automating verification of payees: You can sync contacts from your accounting tool for greater security.

Multi-layered fraud prevention approach: Combining technology with fraud protection strategies to combat sophisticated fraudsters.

Device Fingerprinting: Biometric access triggers additional authentication for login attempts and helps detect internal fraud.

Real-time Transaction Monitoring: We analyse transaction data flagging suspicious activities before transaction processing.

Balancing Security and User Experience: Risk-based authentication ensures a balance between stringent fraud checks and smooth customer experience.

As a microenterprise, you can protect yourself from APP scams by having:

Multi-Stage payment Approvals: Implement a payment process where multiple team members verify payments to reduce the risk of fraud.

Request additional details when in doubt: If anything appears suspicious during the payment process, request additional verification.

Up-to-Date Supplier Contacts: Fraud risk increases when supplier contacts are not consistently updated across financial systems. Syncing accounting and payable systems minimises fraud risk.

Employee Training: Regular training for the finance team on detecting signs of payment fraud is essential.

Trusted Payment Providers: Partnering with reliable financial institutions that offer secure cross-border and domestic payments can further protect against APP fraud. Trusted providers also stay adaptive to regulatory changes.

Visit our blogs: On www.fyorin.com/blog, we offer more information and educational content to help you keeping up to date with the latest trends and developments on fraud and other material topics that can impact your business.

Police.uk- Reporting a crime to the Police- https://www.police.uk/

FCA’sScamSmart- Check potential investment or pension deals to make sure they’re legitimate https://www.fca.org.uk/scamsmart

VictimSupport- Support for victims and guidance on types of fraud https://www.victimsupport.org.uk/

ActionFraud-Reporting crimes and info about how to protect yourself https://www.actionfraud.police.uk/

TakeFive-Advice on the avoidance of scams- https://www.takefive-stopfraud.org.uk/

AgeUK- Information on how to spot and avoid scams- https://www.ageuk.org.uk/