APP Fraud Reimbursement Insurance

Comprehensive Insurance Protection for UK Faster Payments

Protección para los pioneros

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.

Lea nuestras últimas ideas

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

Las siguientes coberturas pueden combinarse en una sola póliza u ofrecerse en pólizas separadas:

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

Con una audiencia cautiva y usuarios comprometidos, ¿por qué no considerar integrar soluciones de seguros junto con los servicios existentes y ofrecer valor adicional a los clientes, diferenciando su oferta y aportando una nueva fuente de ingresos para el negocio? 

Elmore ofrece programas innovadores y personalizados para consumidores y usuarios comerciales; póngase en contacto para obtener más información.

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.

El diagrama representa los beneficios de mitigar y reducir el riesgo para optimizar la transferencia de riesgo a través del seguro:

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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.

El experimentado equipo de reclamaciones de Elmore está comprometido a cumplir con los más altos estándares de servicio y excelencia operativa. Los profesionales experimentados están alineados con cada línea de productos especializados y geografía y emplean constantemente estándares de mejores prácticas. Según sea necesario, Elmore se asocia con consultores de reclamos especializados para garantizar que, sin importar cuán complejos puedan ser los reclamos de una aseguradora, se emplee la experiencia técnica adecuada para analizar y resolver la pérdida.

Mantener sus datos seguros

Nos tomamos muy en serio la ciberseguridad y somos una de las pocas prácticas en la industria de seguros que certifica con Esenciales cibernéticos. Estos controles pueden reducir significativamente el riesgo de ataques cibernéticos no calificados, pero generalizados.

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