APP Fraud Reimbursement Insurance

Comprehensive Insurance Protection for UK Faster Payments

Protection for the pioneers

APP fraud is a pervasive issue in the financial sector, where fraudsters manipulate victims into authorising payments to accounts controlled by criminals.

Despite increasing awareness and preventive measures, APP fraud continues to rise, leading to substantial financial losses for individuals and PSPs.

Elmore has developed a solution to ensure balance sheet protection for PSPs along with supporting a robust compliance program.

Read our latest insights

Read the latest news and insights from the Elmore blog:

APP Fraud Reimbursement Insurance: Briefing Paper – Request Copy Here

APP Fraud Reimbursement Insurance Explained

Elmore has carefully designed a broad and comprehensive APP Fraud Reimbursement Insurance Policy providing under one policy coverage to address the different APP exposures.

To ensure policy coverage is kept up-to-date, Elmore has been actively engaging with key APP Fraud  stakeholders in developing a solution for the insurance requirements for both principal and agent risk and is well positioned to guide firms on the implications of operational risk events for their business and the suitable insurances that are required to be in place.

Elmore APP Fraud Reimbursement Insurance - Policy Coverage

The following cover can be combined in one policy or offered in separate policies:

APP Fraud Reimbursement Insurance

A specialised insurance product designed to cover financial losses resulting from APP fraud.

Comprehensive coverage for both sending and receiving PSPs, ensuring financial protection and operational cost coverage.

Limits will be established on a per transaction basis with an overall aggregate limit for the PSP per annum.

Underwriting will be undertaken on existing loss data from PSP.

Key Features:

Fraud Coverage: Protection against confirmed APP fraud incidents.

Reimbursement Limits: Set maximum reimbursement limits per incident and annually.

Claim Process: Streamlined process for quick and efficient claims handling.

Fraud Prevention Incentives: Encouragement for PSPs to adopt robust fraud prevention measures.

 

Partner With Insurers - Embedded Insurance

With a captive audience and engaged users why not consider embedding insurance solutions along side existing services and offer additional value to customers, differentiating your offering and brining a new income stream for the business. 

Elmore delivers bespoke and innovative programmes for both consumer and business users, get in touch to learn more.

Fintech Risk & Compliance Management

For a FinTech to partner successfully with it’s key stakeholders, it must appreciate the breadth and depth of financial and technology risk and compliance management.

In particular, the FinTech must understand the operational risk and compliance considerations that a stakeholder will need to consider before engaging them.

By following best practice controls and processes required to onboard insurance it can improves the overall governance and compliance and acceptance of a FinTech.

The diagram represents the benefits of mitigating and reducing risk to optimise risk transfer through insurance:

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APP Fraud Reimbursement Insurance Claims

Elmore is one of the early pioneers of arranging insurance for the fintech and payments sector and as such have seen business models both succeed and fail. Being one of the few insurance intermediaries who has handled and managed complex embedded finance insurance claims, it makes Elmore the ideal risk transfer advisor and partner.

Elmore experienced claims team is committed to meeting the highest standards of service and operational excellence.  Seasoned professionals are aligned with each specialty product line and geography and consistently employ best practice standards. As needed, Elmore partner with specialised claims consultants to ensure that no matter how complex an Insurers claims may be, the proper technical expertise is employed to analyse and resolve the loss.

Keeping Your Data Secure

We take cybersecurity very seriously and are one of the few practices in the insurance industry to certify with Cyber Essentials. These controls can significantly reduce the risk of unskilled, but widespread, cyberattacks.

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