Authorised Push Payment (APP) Scam Reimbursement Statement

What is an Authorised Push Payment (APP) Scam?

An Authorised Push Payment (APP) scam is a type of fraud in which individuals or businesses are tricked into sending money to a fraudster. The scammer convinces the victim to make a payment by posing as a legitimate individual or organisation, often through email, phone call, messaging, or social media.
APP scams are particularly harmful because the victim authorises the payment themselves, which historically made reimbursement difficult. However, recent regulation in the UK have improved consumer protection and introduced clear rules for reimbursement in eligible cases.

Legal and Regulatory Background

As of 7 October 2024, the Payment Systems Regulator (PSR) has mandated mandatory reimbursement for APP scam victims who use the Faster Payments system, under the Financial Services and Markets Act 2023. These rules apply to payments sent between UK accounts.

Key Institutions Involved

1. Payment Systems Regulator (PSR)
2. Financial Conduct Authority (FCA)
3. Pay.UK (the operator of the Faster Payments Service)
4. UK Finance

Who is Eligible for APP Scam Reimbursement?

You may be eligible for reimbursement if:

1. You’re an individual or small business (fewer than 10 employees and annual turnover < £2 million).
2. The payment was made from a UK account via Faster Payments.
3. The payment was made as part of an APP scam (e.g., impersonation, investment fraud, romance scams, purchase scams, etc.).
4. The scam occurred on or after 7 October 2024.

We are committed to reimbursing victims unless one of the limited exceptions applies.

How to Report an APP Scam?

If you believe you’ve been a victim of an APP scam:

1. Act quickly! Contact our Customer Support Team immediately via:
   • In-app support
   • Email: findsupport@smartsendfinance.com
   • Online Form: Use our SAR form or Whistleblowing form on our website.
2. Provide the following:
   • Your name and contact details
   • Date and amount of the payment
   • Recipient account details
   • Description of the scam and how it occurred
   • Any other relevant documents, emails, or text messages

We will acknowledge your report within 24 hours and begin the investigation.

How Long Does It Take to Get Reimbursed?

We aim to make a reimbursement decision within 5 business days of receiving your complete claim. In exceptional or complex cases, this may extend up to 35 business days. We will keep you informed throughout the process.

How Much Will Be Reimbursed?

We will reimburse 100% of the amount lost, subject to the maximum transfer limit applicable to your transaction. There is no reimbursement cap under the PSR rules, but limits may apply depending on your account terms.

Is There an Excess Fee or Deductible?
Yes, Under PSR rules:

1. A £100 excess fee may be applied to your reimbursement.
2. However, we may waive this fee in cases of vulnerability or exceptional circumstances, in line with our fair-treatment obligations under the FCA’s Consumer Duty.

What Happens If My Claim Is Rejected?

If your claim is not approved, we will:

1. Provide you with a clear explanation of the reason.
2. Inform you of your right to appeal the decision.
3. Allow you to escalate your case to the Financial Ombudsman Service (FOS), free of charge.

You can contact FOS via:

• Website: https://www.financial-ombudsman.org.uk
• Phone: 0800 023 4567

Common Reasons Reimbursement May Be Denied

We may not reimburse victims unless one of the following exceptions applies:

1. The victim ignored multiple scam warnings, such as repeatedly ignoring warnings.
2. The victim acted fraudulently.
3. The payment was made using non-Faster Payments.
4. The scam occurred before 7 October 2024 (unless covered under our voluntary reimbursement policy).

Even if you fall into one of these categories, we will consider vulnerability, mental health, and personal circumstances before making a final decision.

How to Protect Yourself from APP Scams

Here are key steps you can take to protect yourself:

1. Stop and think before sending money. Ask: Is this genuine?
2. Verify contact details directly with the organisation or person
3. Avoid pressure tactics – fraudsters often create a false sense of urgency
4. Use our Confirmation of Payee tool to ensure the account name matches the intended recipient.
5. Keep your devices secure – Install antivirus software and keep it updated.
6. Watch out for common scam types:
   • Impersonation of banks, HMRC, or law enforcement
   • Fake investment or crypto opportunities
   • Romance or relationship scams
   • Purchase scams on social media or online marketplaces

For more information on protecting yourself, visit: https://www.takefive-stopfraud.org.uk

Our Commitment to You

As a registered Money Service Business, we are committed to:

• Treating customers fairly in accordance with FCA Consumer Duty principles.
• Providing clear communication and timely responses.
• Ensuring a secure and transparent reimbursement process.
• Supporting vulnerable customers through tailored assistance.

Need Help? Contact Us

If you have any concerns, questions, or wish to report a scam, please get in touch:

Customer Service
Email: findsupport@smartsendfinance.com
Social media handles: @wearetrusted (on Facebook, Instagram, TikTok & X)

Complaints

Please visit our Help Centre on the website to submit your complaint which automatically creates a ticket to be resolved by our team.

This statement is reviewed and updated regularly in line with regulatory requirements and industry best practices.