As the new Authorised Push Payment (APP) fraud reimbursement rules come into effect on 7th October 2024, we’ve compiled some key FAQs to help you understand what’s changing and how it may impact you.
1. What is APP fraud?
Authorised push payment (APP) scams happen when a person uses a fraudulent or dishonest course of conduct to manipulate, deceive or persuade someone into sending money to an account outside of their control.
2. Do I need to sign anything?
No, the updated terms of your contract will take effect without the requirement of your signature. More details can be found in the MSA attached to the email we sent to you. No further action is required on your part.
3. Can I make changes to the APP Fraud Schedule?
No, we cannot accept changes to the terms of the Schedule due to the potential risks posed to TrueLayer by APP fraud.
4. What if I do not agree with the new terms?
If you do not wish to accept the new terms, you may terminate your agreement with us before 7th October 2024. If you continue to use our services beyond this date, we will consider this as your acceptance of the updated terms, which will then be part of your agreement with us.
5. What happens if an APP claim is made?
If an APP fraud claim is submitted, the sending PSP has 2 business hours from the time of receiving the claim from the consumer to report it to the receiving PSP, which in this case is TrueLayer.
- TrueLayer will aim to report the claim to you within 1 business day at absolute maximum.
- You have 3 business days to respond to the sending PSP. This is your opportunity to provide any supporting information or documentation that evidences the conclusion of your investigation, helping the sending PSP determine if reimbursement is due.
- If sending PSP determines that reimbursement is due, you will be liable for 50% of the total cost of the scam claim.
- TrueLayer will issue the 50% reimbursement to the sending PSP and issue you with an invoice accordingly.
6. When do I need to reimburse TrueLayer?
We will issue a notice outlining the reimbursement method and the deadline by which the reimbursement must be made. You must reimburse us by the date specified in the notice.
7. Can I dispute a claim?
Ultimately, the decision to approve or reject reimbursement lies solely with the sending PSP. You have the right to provide information and supporting documentation to assist the sending PSP in making their determination on reimbursement.
It is important to act in a timely manner when in receipt of any APP fraud claims. Acting quickly to provide evidence will help reduce the impact of reimbursement liability.
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