Fraud Prevention Notice

MAAYAN PAYMENTS LTD (“MAAYAN”, “we”, “our”) is an electronic money institution, authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for issuing of electronic money and the provision of payment services with FCA registration number 927556. We believe the best defence against fraud is knowledge. That is why we work to educate our customers (“customer”, “you”, “your”) and the wider community on how to spot fraud scams. We are making significant investments in technology, processes and our people. Our goal is to build a secure financial system where you can transact with confidence. Fighting fraud is at the heart of everything we do. We follow 4 core principles to combat fraud and maintain a secure and compliant payment infrastructure. Principle 1 – Prioritising Customer Security: We aim to provide an unattractive environment to fraudsters. Principle 2 – Balanced Fraud Risk Management: Keeping in mind our customers’ operational demands and customer experience, we adopt a balanced approach to fraud risk management with the aim to minimise fraud losses. Principle 3 – Investment in Technology and People: We continuously invest in technology and training to ensure we remain ahead of fraudsters, keep our customers’ assets safeguarded and provide customers with the knowledge and tools they require to protect themselves. Principle 4 – Customer Cooperation: We impose strict reporting and compliance responsibilities on our customers and provide support to assist our customers and their customers with any financial fraud queries. We fully comply with the Payment Services Regulations 2017, the Proceeds of Crime Act 2002 and anti-money laundering and terrorist financing practices. We apply tools and measures to onboard and monitor customers and transactions. In all cases our care is to ensure that non-suspicious transactions are processed smoothly and timely and there is no unnecessary freezing of a customers’ account or payment. In cases where there are reasonable grounds to suspect fraud or dishonesty, we may delay the processing of a payment for up to 4 business days while we communicate with you to assess the legitimacy of the transaction.

Common Types of Scam

Fraudsters use a variety of tactics to steal your money. The FCA reports that Authorised Push Payment (APP) fraud and investment fraud are especially prevalent right now. Below are some of the most common types of scams: APP Fraud: In this type of scam, someone manipulates, deceives or persuades you into sending money directly to their account posing as a genuine payee. It could take a myriad of forms, the most widespread of which are: Impersonation Fraud: You receive a call supposedly from your bank, the police, or a tech company, such as Microsoft. The scammer claims there is a problem with your account and requests you to urgently transfer money to a “safe” account (which they control). Protect yourself: Never rush. Hang up and call the bank/authority/company directly (on a number from their official website) to verify the situation. Invoice Scam: You receive an invoice that looks just like one from a real supplier. But the bank details have been changed, so your payment goes straight to the fraudster. Protect yourself: Scrutinise invoices carefully. Check if the senders email address matches the website address of the supplier it says it is from – hover your cursor over the senders name to reveal the true address. Advance Fee Scam and Others: You are promised a huge lottery win, inheritance, or prize, but first you have to pay a fee. Once you pay, the scammer disappears. Protect yourself: Be aware of special sale items at ‘too good to be true’ prices or lotteries you have not entered. Investment Scam: You see ads for get-rich-quick crypto or forex schemes on social media. You may even be contacted by someone claiming to be a successful investor offering you tips. Protect yourself: Be skeptical of offers that seem too good to be true – high returns for a low risk. Do thorough research before investing, and only use reputable exchanges. FCA Warning List of unauthorised firms | FCA: FCA Warning List of unauthorised firms FCA – ScamSmart – ScamSmart – Avoid investment and pension scams Money Mule: Fraudsters often try to recruit money mules by promising quick cash for simple tasks. They may advertise fake job openings or approach you directly online. Here is how it works: The fraudster makes it appear like a legitimate opportunity to earn extra money. You receive funds into your account and are instructed to transfer them elsewhere or withdraw cash. The money you handled was stolen. You could face criminal charges and lose your own money. Protect Yourself: Watch out for anyone asking to borrow your bank account, or offering easy money. If it looks too good to be true, it usually is. Do not let criminals trick you into moving money illegally, you can become an accomplice to fraud and face criminal charges. Money Mules – National Crime Agency: Money Mules – National Crime Agency Phishing: Phishing scams use fake emails, texts, or websites to trick you into giving up your personal information. For example, stealing passwords, credit card numbers, bank account details, and other confidential information. They may look like they come from your bank, a streaming service, etc. Protect Yourself: While links in emails or texts from family or friends may be fine, do not click on any link (or open attachments) in unsolicited emails or in texts you were not expecting. Remote Access / Hacked Account: In this type of scam, fraudsters convince you to give them remote access to your computer or phone. They may pretend to be tech support from a well-known company or claim your device has a virus. Protect Yourself: Do not allow someone you do not know access your computer, especially remotely over the phone (not face-to-face).

How Scammers May Trick You

Remember, fraudsters rely on your trust. Stay sceptical, do your research, and never make decisions based on pressure or fear. If something feels wrong, it probably is. Do not ignore that gut feeling, even if you cannot quite pinpoint why you are suspicious. Behavior. Fraudsters are not just after your money – they are playing mind games to trick you. Watch out for these common tactics:

• False Friendliness, then Threats. They may start off charming, but if you do not comply, they can quickly switch to aggression. Do not be intimidated – it is a sign they are desperate.
• Creating Urgency. They will insist you need to act NOW or lose your money, face arrest, etc. This is designed to make you panic and react without thinking carefully.
• Faking Familiarity. Scammers research you. They might drop names of your friends, mention recent purchases, or reference your work to seem credible. Never assume someone is genuine just because they know a little about you.

Fake email addresses. Fraudsters often use email addresses that look almost – but not quite – like official ones. Always check the domain carefully (the part of the email address after the “@” symbol). Genuine communications from MAAYAN will always come from an email address with domain “maayanpayments.co.uk”. Fake Documents. Fraudsters are experts at forgery. They can easily create documents with official-looking logos, fake invoices, bank statements, or even official government notices that look surprisingly real. Scrutinize every document. Look for inconsistencies in the formatting, typos, or unusual contact information. Contact the real organization directly to verify. Use their official phone number or website, not contact information provided in the suspicious document. Deepfakes. Deepfake artificial intelligence technology allows fraudsters to manipulate audio and video to impersonate anyone, even people you know and trust. Pay close attention if the voice sounds slightly off, if the video has strange glitches, or the person asks you for money or sensitive information. If unsure, try to contact the real person directly through trusted channels (like in-person or their verified social media) to confirm if the message came from them. Fake websites/applications. In the fraudulent application/website you may see your investments and the growth of your income. The fraudster may even allow you to withdraw a small part of the income, but when it comes to withdrawing a large amount, the fraudster may demand tax or disappear altogether (access to the application is lost and you do not know where your money is and whether it is your income that was visible in the application). Check the website’s URL carefully. Look for misspellings or unusual domain names (e.g., not ending in .com or .gov). Research the company/organization online to see if there are complaints or warnings. Check FCA Warning List of unauthorised firms | FCA What to do if you have been the victim of fraud or suspect any suspicious activity If you believe you are a victim of fraud or suspect any suspicious activity related to MAAYAN: Act Quickly and Decisively. The sooner you act, the better your chances of minimizing losses and stopping the scammers. Do not feel embarrassed or ashamed. Fraudsters are skilled manipulators. Reporting what happened helps prevent others from becoming victims. Gather Evidence. Keep records of all communications related to the fraud, including emails, text messages, and screenshots. This will help with investigations.

• Immediately contact us. Immediately contact us. Report the incident to our fraud department and provide details of the fraudulent activity. Provide as much detail as possible about the transaction, including the date, amount, and any information you have about the fraudster.
• Contact the Receiving Institution. If you know the name of this bank/payment/financial institution, contact this institution immediately and report the fraud to their fraud department.
• File a Police Report. You are encouraged to contact your local police department. If you are in England, Wales or Northern Ireland you may report the fraud to the police online or by calling 101. You may also report it to Action Fraud online or by calling 0300 123 2040. If you are in Scotland, you may report the fraud to Police Scotland online or by calling 101. You may also report it to Advice Direct Scotland online or on 0808 164 6000.
• Monitor Your Accounts. Keep a close eye on your accounts for any suspicious activities or unauthorized transactions. Report any unauthorised transactions promptly to us.
• Change Passwords. Immediately change passwords on any accounts you believe may have been compromised, especially your online banking, email, and social media accounts. Use strong, unique passwords for each account. All our accounts require two-factor authentication (2FA) for access, adding an extra layer of security by requiring a code from your phone or email in addition to your password. Consider also adding this protection to your email, social media and other online banking accounts.
• Install Security Software. Ensure your computers and mobile devices have up-to-date antivirus and anti-malware protection installed. Run full system scans to check for any hidden threats.
• Be Cautious of Follow-Up Scams. Fraudsters may attempt to follow up with additional scams. Be cautious of unsolicited communication and only interact with trusted sources.

APP Fraud Reimbursement

The UK Payment Systems Regulator (PSR) has introduced a reimbursement framework for victims of APP fraud, under which, from 7 October 2024 onwards, victims may submit reimbursement claims to their payment service providers. MAAYAN will reimburse eligible customers in line with the Faster Payments scheme (FPS) reimbursement requirement and rules, as set out in this section.

Eligibility for Reimbursement

Customers that are victims of APP fraud may submit a reimbursement claim to MAAYAN if all of the following apply to you:

• You are an individual, micro-enterprise (i.e. an enterprise that employs fewer than 10 persons and that has either an annual turnover or annual balance sheet total that does not exceed €2 million) or charity (a body whose annual income is less than £1 million per year and is a charity as defined by the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 or the Charities Act (Northern Ireland) 2008);
• The payment was authorised by you but sent to a fraudster’s account under deception (i.e. the payment is not to the recipient or for the purpose you intended);
• The payment was executed after 7 October 2024, through the FPS (operated by Pay.UK) or CHAPS (the Clearing House Automated Payment System operated by the Bank of England);
• The payment was executed in the UK by MAAYAN and received in an account of another payment service provider held in the UK that is not controlled by you;
• The payment was authorised by you in the period of 13-months before you submitted your reimbursement claim.

Even though the FPS reimbursement requirement and rules do not cover payments sent to another MAAYAN customer account, as these payments are not executed through the FPS or CHAPS, MAAYAN offers its customers the same level of protection in respect of such payments. Exclusions to the reimbursement requirement The reimbursement requirement does not apply to civil disputes, payments which take place across other payment systems, international payments, payments made for unlawful purposes, payments not authorized by the customer (unauthorized payments), payments made using cheques or cash or payments made via accounts provided by credit unions, municipal banks or national savings banks. Also, payments via Financial Market Infrastructures executed through CHAPS are excluded. Also, your reimbursement claim may be rejected under certain circumstances, for example, where you have acted fraudulently (‘first-party fraud’) or with gross negligence. Unless you are a vulnerable individual (who, due to your personal circumstances, are especially susceptible to harm), you may be deemed to have failed to meet the consumer standard of caution, meaning your claim can be rejected, where any one of the following are not met:

• You ignored warnings and notifications sent via specific, directed interventions intended to caution you against the payment, whether given by us or a competent national authority.
• You failed to promptly report the scam upon learning or suspecting of falling victim to it (i.e. within 13 months after the payment was authorized)
• You failed to cooperate with any information request made by us to help us assess your claim.
• Following our request, you failed to provide us your consent to report your claim directly to the police authorities or to report your claim yourself directly to a competent national authority.

Exceeding the Claim Limit Reimbursement is limited to £85,000 per claim. Any claim amount beyond this limit may be rejected for the excess. Legal or Civil Disputes If the amount claimed is part of an ongoing civil dispute or legal action, your claim may be rejected until the dispute is resolved. Other Regulatory or Legal Reasons Your claim may be denied if required by applicable laws or if there are regulatory exceptions outlined by the PSR, FPS’ reimbursement requirement and rules, or other regulatory bodies. Please note that the above list is a non-exhaustive list of the reasons your APP fraud reimbursement claim may not be approved. Each claim is assessed on a case-by-case basis, and the specific circumstances of each claim are taken-into account.

What to do if you have been scammed

If you believe you may have fallen victim to APP fraud, contact us immediately. We may be able to block the transaction or trace the money.

How to submit an APP fraud claim

To submit a claim for APP fraud reimbursement, either:

• send your claim by email to: [email protected]
• send your claim via a form found at MAAYAN – Contact Us

Please note that in order for us to investigate an APP fraud reimbursement claim, we may need to share personal and sensitive information (such as your name and account information) with the receiving payment service provider. By submitting a claim, you accept to our sharing of this information. Details regarding how we deal with data are found in our Privacy Notice. We will process your claim and provide you our acceptance or rejection of this within 5 business days. These 5 business days may be paused while we wait on you to provide any information we have requested from you in order to help us assess your claim. In the event that we do not have all requested information from you within 35 business days from the date of your claim, the claim will be closed. We therefore urge you to cooperate with our requests to ensure a timely resolution of your claim.

Right to complain

If you are not satisfied with the outcome of your claim you may submit a complaint directly to us. Please refer to our Complaints Policy for details on how to submit a complaint and how your complaint will be dealt with.

Right to appeal to the Financial Ombudsman Service

If you are unhappy with how we have assessed your APP fraud reimbursement claim under our policy, you have the right to complain to the Financial Ombudsman Service. Its website is: www.financial-ombudsman.org.uk

Right to appeal to the court

In the event that we fail to reimburse a customer as required by the FPS reimbursement requirement and rules, the customer has a right to enforce the FPS reimbursement requirement and rules and recover the outstanding amount from us in the civil courts.