What You Should Know About Authorised Push Payment (APP) Fraud
At Agility Forex UK Ltd, we are committed to protecting our clients from financial fraud. APP fraud is a growing concern, and it’s important that our clients are aware of the new protections under UK regulations. Below is a guide to help you understand what APP fraud is, how to protect yourself, and what rights you have if you fall victim.

What is APP Fraud?
APP fraud occurs when a fraudster tricks you into authorizing a payment to their account by posing as a legitimate business or trusted individual. Unlike other types of fraud, because you have authorized the payment, recovering your money can be more complex.

New Protections as of October 2024
The UK government has introduced new regulations as of 7 October 2024, replacing the previous CRM Code. These new rules ensure that innocent victims of APP fraud are automatically reimbursed. Here are the key features you need to know:

Key Features of the New APP Fraud Rules:

  1. Authorised Push Payment
    Victims of APP fraud who are not at fault will receive mandatory reimbursement from their bank or payment provider. No more discretionary decisions—if you have been scammed and acted responsibly, you will get your money back.
  2. Shared Responsibility
    Both the sending and receiving banks now share liability in APP fraud cases. This makes it easier to pursue compensation and encourages both banks to adopt stricter fraud prevention measures.
  3. Quick Resolution
    You can expect a faster reimbursement timeline—most cases will be resolved within 5 business days of the fraud being reported and the victim being found not at fault.
  4. Consumer Accountability
    Reimbursement will only be denied in cases of gross negligence. For example, if a victim deliberately ignores clear warnings or safeguards, they may not be eligible for compensation. Minor mistakes or lapses will not disqualify you from reimbursement.

How to Protect Yourself
While these new rules are in place, it’s important to stay vigilant and protect yourself from fraud. Here are some key tips:

  • Always verify payment requests before transferring funds, especially if they come from an unfamiliar source.
  • Be cautious of unsolicited messages or urgent requests for payment.
  • Double-check with trusted sources if you are asked to change payment details, even if the request looks genuine.

Your Rights Under the New Rules
As a customer of Agility Forex (UK) Ltd, you have the right to quick and fair compensation if you fall victim to APP fraud. As long as you’ve taken reasonable steps to protect yourself and haven’t acted negligently, you will be reimbursed according to the new guidelines.

Contact Us

If you believe you have been a victim of APP fraud, contact us immediately at [email protected]. We will work with your bank to ensure a fast and fair resolution under the new regulatory framework.

By staying informed and taking the proper precautions, you can reduce your risk of becoming a victim of APP fraud. Rest assured that Agility Forex (UK) Ltd is committed to protecting your funds and providing you with the support you need in these situations.