Dear Valued Customers,

We want to keep you informed about recent changes to our protection measures against Authorised Push Payment (APP) fraud that took effect on October 7th. These updates are designed to enhance your security and provide you with better tools to safeguard your financial transactions.

What’s new?

• Enhanced Verification Processes: We’ve implemented stricter verification protocols to help ensure that payments are authorized by you.
• Real-Time Alerts: Expect timely notifications if we detect any unusual activity related to your payments, allowing you to act quickly if needed.
• Increased Education and Resources: We’re committed to keeping you informed about how to recognize potential scams and what steps to take if you suspect fraud.

Types of fraud to watch for:

1. Impersonation Scams: Fraudsters may pose as trusted organizations (like your bank or a government agency) and request that you transfer funds for various reasons. Always verify their identity through official channels.
2. Investment Scams: Be cautious of unsolicited investment opportunities promising high returns. Research thoroughly and consult with a financial advisor before making any decisions.
3. Romance Scams: If you’re communicating with someone online and they ask for money, take a step back. Scammers often build relationships to gain trust before requesting funds.
4. Invoice Scams: Businesses may receive fake invoices that look legitimate. Always verify invoices with the supplier directly before making any payments.

What to look for:

• Unusual Payment Requests: Be wary of any payment requests that seem out of character or are made under pressure.
• Urgent Language: Scammers often create a sense of urgency to rush your decision-making. Take your time and think it through.
• Check Sender Details: Look for inconsistencies in email addresses or phone numbers. Official communications will come from verified sources.
• Seek Verification: If you receive a suspicious message, contact the company directly using known contact details rather than responding directly to the message.

When will you be eligible for a reimbursement:

To be eligible for reimbursement, your payment must have:

• taken place on or after 7 October 2024.
• be reported to the sending organisations within 13 months.
• been made by bank transfer (through either the ‘Faster Payment’ or CHAPS schemes).
• been made to a UK bank account, from a UK bank account belonging to an individual, microenterprise, or charity.
• If multiple payments have gone from your account to the fraudster’s account, you can report all of them in one claim. You’ll just need to make your claim within 13 months of the date you made the last payment.

When will you not be eligible for a reimbursement:

• If you don’t take the steps needed to meet the Consumer Standard of Caution.
• If the payment you made is unlawful, for example if you’ve tried to buy something that’s illegal.
• If it’s a civil dispute, for example if you’ve paid a genuine business, then find that you’re unhappy with the product or service provided.
• If the money was sent to an account that you had control of.
• If your payment was made to or from a credit union account, municipal bank account, or a national savings account (i.e. one from a state-owned savings bank in the UK).
• If you make a false claim.

What’s the Consumer Standard of Caution?

The Consumer Standard of Caution is something that you – the customer – need to uphold. This means:

• Listening to and acting on any warnings given by your payment service provider or law enforcement
• Contacting your payment service provider if you realise you’ve been scammed – do this straight away
• Responding to requests for extra information from your payment service provider, which will be used to support your claim if you choose to make one
• Reporting any scams to the police, or allowing your payment service provider to do this for you.
• If you don’t follow the guidelines above, you may not be eligible for a reimbursement following an APP scam.

What to do if you think you’ve been scammed:

• First, contact the company you made the payment from.
• Then, report the scam on 0300 123 2040 or at actionfraud.police.uk. Or, if you’re in Scotland, report it to Police Scotland by calling 101.

The maximum amount you may be refunded is £85,000.

The new rules also mean we Link FX will be updating our terms, we will be in touch in the next month to let you know when this will happen.

Your safety is our top priority, and we appreciate your cooperation as we implement these important changes. If you have any questions or concerns, please don’t hesitate to reach out to our customer support team.

Thank you for being a part of the Link FX community!

Best regards,
The Link FX Team