4th October 2024
Alpha Bank London Limited’s compliance with Authorised Payment Push (APP) scam reimbursement requirement effective 7th October 2024
Dear Customer,
We are contacting you to inform you that from 7th October 2024, Alpha Bank London (ABL) will comply with new regulatory requirements introduced by the Payment Systems Regulator (PSR) to refund customers who become victims of an APP scam. These protections will apply to UK electronic payments made via the Faster Payments Service (FPS) or CHAPS on or after 7th October 2024.
Please note that we will update our terms and conditions with this new requirement by April 9, 2025, in line with the new regulatory requirement.
What is an APP scam?
An APP scam occurs when fraudsters trick an individual into authorising payments to accounts controlled by the fraudsters.
New consumer protection
The regulation mandates reimbursement for all types of APP fraud claims (where the payments have been made using FPS or CHAPS), unless there has been gross negligence or first-party fraud on the part of the consumer.
What does this mean for you?
If you become a victim of an FPS or CHAPS-related payment fraud, you have the right to report it to your sending bank (in this case ABL) and make a claim for a full refund under the FPS reimbursement rules. The terms do not apply to payments made overseas or to any payments made with cash, cheque, or card. Your claim will be assessed, and if deemed within the scope of the regulations, the full reimbursable amount, less any excess, will be paid within five business days. In some cases, it can take up to 35 business days as we may need to gather extra information. Any claims following a scam may be subject to a £100 excess. You may not get any money back if your claim is under £100. Please note that victims should report the details of the FPS APP scam claim to the bank as quickly as possible, and no later than 13 months after the FPS APP scam payment(s) were made.
You can find more details on this new regulation on our website at: alphabanklondon.co.uk
How to raise a claim / contact us
If you believe you have been a victim of an APP scam, please contact your Relationship Management Team via the usual methods who will be happy to discuss and support you. Our team will guide you through the reporting process and assist you with your claim.
Additional support
If you feel you need extra assistance due to personal circumstances, or you’re experiencing financial hardship, health concerns, or any other situation, we’re here to help with tailored support and services to meet your needs.
Please don’t hesitate to reach out. We’re here to listen and help in any way we can. You can contact us through: · Our Relationship Managers in Private Banking https://alphabanklondon.co.uk/pb-team or in Real Estate Finance https://alphabanklondon.co.uk/ref-team
Phone: +44 (0) 207 332 6767
Email: info@alpha-bank.co.uk
Yours faithfully,
Head of Operations,
Alpha Bank London Ltd