See how we can help protect you from fraud and the steps you could take if you think you've been a victim.
If you think you’ve been the victim of fraud, please contact us as soon as possible. The most secure way to contact us is through the Monument app. Alternatively, you can call our Client Servicing team on 020 4524 8080 between 9am – 6pm Monday to Friday.
If you have been a victim of fraud, we recommend reporting this to Action Fraud (https://www.actionfraud.police.uk).
What is an Authorisation Push Payment (APP) scam?
An APP scam is a type of Authorised Push Payment Fraud (APP Fraud) in which a scammer convinces you to make a payment from your account to an account that they control.
This might be where you’re tricked into thinking you’re sending money to someone pretending to be someone else. For example, you might receive a call from someone claiming to be from your utility company, and they convince you that you need to make a payment to clear some arrears. Or, you know who you’re sending the money to, but you were tricked into this because they lied about what the payment was for.
In most cases, the scammer will try to trick you and apply pressure to make you believe it’s urgent and that they are trying to help you.
What are the new reimbursement rules?
The Payment Systems Regulator (PSR) has introduced new reimbursement rules to ensure APP scams are dealt with quickly and consistently by payment providers.
From 7 October 2024, if you’ve been a victim of an APP Fraud via either a faster payment or CHAPS, you can make a claim under these new rules.
Your claim should be made to the account provider where you sent the payment from. Your account provider then has 5 working days to investigate the claim and if approved will reimburse you up to the maximum limit of £85,000.
What happens when I make a claim?
We’ll do our best to let you know if we think there are any reasons your claim may not be eligible, or if we require further information. In most cases, you’ll be reimbursed within 5 working days of making a claim, but it might take longer if we need to ask you for more information to help assess the claim.
We may deduct the first £100 from any amount which is reimbursed, but we’ll review your personal circumstances before doing so. Any claims that are under £100 may not be covered.
What exclusions apply?
The new scheme doesn’t cover the following:
If your claim isn’t eligible, we will contact you and explain why.
APP scams can be very sophisticated and complex, and scammers may use social engineering tactics to trick people and impersonate others. Scammers may contact you via phone, email or on social media, and can pretend to be from someone you trust, like a bank, estate agent, police or law firm.
If you are contacted by someone, there are some red flags to watch out for:
The Take Five to Stop Fraud campaign asks you to:
Do not share your account details or login information with anyone else. If you think some of these details may have been compromised, or if you have any concerns that a call or email is not genuine, please contact us directly through your Monument app, call our Client Servicing team on 020 4524 8080 between 9am – 6pm Monday to Friday or email us at service@monument.co.
We require biometric or pin authentication when accessing the Monument app. When you open your Monument account, you will add a Linked Account. This is a personal bank account in your name. Money in Monument savings accounts can only be sent to and from your Linked Account.
We may need to contact you to discuss your account or if you've sent us an email with a query. We will never contact you to request that you make a payment from your savings account, change your linked account details, or ask you to share your security details.
We are also members of CIFAS, the UK’s leading fraud prevention organisation. We use and share data with other member organisations to reduce instances of fraud and financial crime. If you have been the victim of fraud, we recommend applying for a protective registration with CIFAS (https://www.cifas.org.uk/pr). This ensures CIFAS members are warned that your details may have been compromised and they will take extra steps to ensure that new applications in your name are from you.
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