Fraud Awareness Guide

At Opal Transfer, safeguarding your financial security is our top priority. We are committed to providing you with the necessary tools and information to protect yourself from fraudulent activities. Fraudsters employ various tactics to deceive individuals into divulging personal information or sending money. Here’s how you can stay vigilant and secure:

  • Be Sceptical of Offers: "Too good to be true" deals often hide fraudulent schemes. Exercise caution and conduct thorough research before committing to any offer.
  • Beware of Pressure Tactics: Fraudsters may pressure you to act quickly, creating a sense of urgency. Take your time and scrutinize any request for money or personal information.
  • Question Unexpected Contacts: If someone claiming authority contacts you unexpectedly, such as a bank manager or government official, be cautious. Verify their identity through official channels before engaging further.
  • Recognize Red Flags: Watch out for inconsistencies in offers or stories, and verify details such as names and account numbers. Any request to send money hastily should raise suspicion.
  • Protect Your Information: Never send money to unfamiliar individuals or divulge banking card details to unknown parties. Avoid clicking on links or opening attachments from suspicious sources.
  • Practice Safe Online Behaviour: Always log in to websites directly rather than clicking on links in emails. Use strong, unique passwords for your accounts and avoid using public or shared computers or Wi-Fi networks for sensitive transactions.
  • Take a Pause: When in doubt, pause and take your time to evaluate the situation. Trust your instincts and refrain from making impulsive decisions.
  • Reach Out for Assistance: If you suspect fraudulent activity or feel unsure about a transaction, contact our customer service team immediately for guidance and support.
  • Report Suspicious Activity: If you believe you have encountered a scam, report it to your local law enforcement authorities. Additionally, if you suspect fraudulent activity related to Opal Transfer, contact us at aml@opaltransfer.com.
  • Stay Informed: Stay updated on the latest online scams and fraud prevention tips to enhance your awareness and protect yourself from evolving threats.

 

Be aware of Authorised Push Payment (APP) Fraud

APP Fraud occurs when a third person (fraudster)  tricks you in authorising a payment to a fraudster or fraudulent purpose. This may include paying for goods or services that are never received, or being misled into sending money to someone you did not intend to pay.


Common examples of APP fraud include:
• Pressure from fraudster to you act quickly or urgently.
• Person requests to hide the real purpose of the payment (e.g., describing it as ‘for friends or for family’ instead of ‘for goods’).
• Appearance that you are paying a trusted individual or organisation, while the payment account or contact details are cloned and do not match with official information on the agreement or organisation’s website.
• Phishing emails or messages with suspicious attachments or links, when fraudster obtains access to your PC/online banking or 2-factor authentication devices and can create payment or ask you to authorise already prepared payment by fraudster.



How to avoid being victim of App Fraud?

• Do not rush, always take your time and consult with trusted family member, before sending money to unknown person, seller etc.
• Never hide the real purpose of the payment, if you are paying for something, include product or order number in payment reference.
• If you receive invoice details via email/sms or social media, always compare the account details with your official signed agreement, as well compare the email/phone on company’s official website whether it matches. If not sure contact the call centre using the number published on company’s official website.
• Never open any attachments or links in emails or other messages from untrusted senders.


FPS Reimbursement Rules (only GBP to GBP)

As of 7 October 2024, new UK FPS Reimbursement Rules have been introduced to help protect individuals, SMEs, and charities from APP scams. These rules are legally supported by Specific Requirement 1, Specific Direction 19, and Specific Direction 20.

The Rules apply to payments:
• Made in GBP,
• Sent from and to UK-based ‘Relevant Accounts’,
• Executed via Faster Payments System (FPS) or CHAPS.


Why Opal Transfer Ltd Is Out of Scope of FPS Reimbursement Rules

Opal Transfer Ltd is a money remittance service that facilitates foreign exchange and international remittance payments. Due to the nature of our services, the FPS Reimbursement Rules do not apply to:
• Overseas payments,
• Non-GBP currency payments,
• Payments where the customer has no Relevant account in GBP as the money is being sent via a money remittance payment.

As such:
• On the sending side of a payment, we cannot execute an FPS APP scam payment on behalf of its customer, as Opal Transfer does not provide its customers with ‘Relevant accounts’;
• We are not classed as a Receiving Payment Service Provider (PSP) under these rules and are not required to reimburse under the FPS Reimbursement Rules.

For more information and resources on safeguarding against online scams, please click here .

Thank you for entrusting Opal Transfer with your financial transactions. Together, we can ensure a safe and secure transfer experience.

Safe transferring with Opal Transfer!