Legal and REGULATORY
APP Fraud Protection Measures
At Finseta, we are committed to protecting you from fraud. Below is a detailed guide to help you understand APP fraud, and how Finseta can support you in protecting yourself.
Contact us
Phone: +44 (0) 20 3971 4750
Email: info@finseta.com
Phone: +44 (0) 20 3971 4750
Email: info@finseta.com
What is APP (Authorised Push Payment) Fraud?
Authorised Push Payment (APP) fraud is when a scammer tricks you into sending them money from your account. You “authorise” the payment, thinking you’re paying a legitimate person or business.
Why is it so common?
It preys on trust and urgency, making it easy for anyone to fall victim. Fraudsters are experts at creating believable stories, from fake invoices to impersonating your bank or even a family member.
- Impersonation scams: Fraudsters pose as trusted organisations (e.g., banks, government bodies) to deceive you.
- Invoice fraud: Scammers intercept legitimate invoices and modify payment details to divert funds to their own accounts.
Common Types of APP Fraud
Although the below are some of the more common types of APP Fraud, this isn’t an exhaustive list. For more information, visit the UK Finance website.
Romance Fraud
Involves people being convinced they are in a genuine relationship and are deceived into sending money to fraudsters.
ATM Fraud
A type of crime where a fraudster uses technology to illegally obtain your cash or card information at an ATM.
Account Takeover (ATO)
Happens when a cybercriminal gains access to your login credentials to steal funds or information.
Romance Fraud
Involves people being convinced they are in a genuine relationship and are deceived into sending money to fraudsters.
ATM Fraud
A type of crime where a fraudster uses technology to illegally obtain your cash or card information at an ATM.
Account Takeover (ATO)
Happens when a cybercriminal gains access to your login credentials to steal funds or information.
How the New Regulations Protect You
The Payment Systems Regulator (PSR) has introduced mandatory reimbursement requirements for PSPs (Payment Service Providers), including Finseta, when APP fraud occurs via the Faster Payments system. Key aspects include:
- Reimbursement Guarantee: Victims of APP fraud will be reimbursed for losses up to £85,000 per claim. During your claim you will need to provide relevant evidence, and work with us to investigate your claim. The reimbursement process will be streamlined to ensure quick resolution.
- No Excess for Vulnerable Customers: If you are considered a vulnerable customer, you will not be subject to any claim excess fees. The claim excess for other customers is capped at £100 per incident.
- Timeframe for Reporting: To qualify for reimbursement, claims must be submitted within 13 months from the date of the fraudulent payment.
How to Protect Yourself
Stop & Think
Be 100% certain who you are paying and why. If a deal seems too good to be true, it probably is. Never feel pressured to make a payment immediately.
Confirm the Payee
Finseta provides Confirmation of Payee (CoP) services to help ensure the account name you enter matches the account holder.
Contact Us Immediately
If you suspect anything is wrong, even after you’ve made a payment, contact Finseta or your account manager right away.
Heed Warnings
Pay attention to any security warnings we, other banks, or law enforcement provide.
How to Protect Yourself
Stop & Think
Be 100% certain who you are paying and why. If a deal seems too good to be true, it probably is. Never feel pressured to make a payment immediately.
Confirm the Payee
Finseta provides Confirmation of Payee (CoP) services to help ensure the account name you enter matches the account holder.
Contact Us Immediately
If you suspect anything is wrong, even after you’ve made a payment, contact Finseta or your account manager right away.
Heed Warnings
Pay attention to any security warnings we, other banks, or law enforcement provide.
Exceptions to Reimbursement
In certain cases, Finseta may deny a reimbursement claim, such as when:
- Gross Negligence: If it’s proven that the customer ignored clear fraud warnings or acted recklessly, reimbursement may be refused.
- Fraudulent Intent: If the customer was involved in the fraud (first-party fraud), they will not be eligible for reimbursement.
What to Do If You’ve Been a Victim of APP Fraud
If you suspect you’ve fallen victim to APP fraud:
- Contact us immediately: The sooner you notify us, the quicker we can act to recover funds.
- Submit a claim: File your reimbursement claim within 13 months of the transaction.
- Provide all necessary information: We may ask for details of the transaction and any relevant evidence to support our investigation
Finseta’s Commitment to Your Security
At Finseta, we have robust systems in place to protect you. If you are a victim of APP fraud, here’s our responsibility to you:
Reimbursement
We will work with the other payment provider to reimburse fraudulent losses up to £85,000.
Speedy Response
We will process claims
and make a decision
within 5 business days.
Added Protection
We provide enhanced
support for “vulnerable”
customers.
Claim Window
You can make a claim for up to 13 months after the payment was made.
Finseta’s Commitment to Your Security
At Finseta, we have robust systems in place to protect you. If you are a victim of APP fraud, here’s our responsibility to you:
Reimbursement
We will work with the other payment provider to reimburse fraudulent losses up to £85,000.
Speedy Response
We will process claims
and make a decision
within 5 business days.
Added Protection
We provide enhanced
support for “vulnerable”
customers.
Claim Window
You can make a claim for up to 13 months after the payment was made.
Payment delays
Where Finseta has concerns about a payment, it may hold the payment for further checks and investigation
- Finseta can only hold a payment for up to 4 working days.
- Finseta may request supporting documents to support our investigation.
- Finseta may refuse to make a payment if it believes it is fraudulent.
- Finseta may ask you to verbally confirm bank details with your beneficiary ahead of making payments.
Additional Support for Vulnerable Customers
At Finseta, we are committed to supporting all our customers, for more information or if you need assistance, please reach out to our support team or your designated account manager.
By keeping you informed and prepared, Finseta is here to ensure your security and peace of mind as we implement these important changes in fraud protection.
Stay Safe. Stay Informed.
