APP Fraud Reimbursement Insurance

Comprehensive Insurance Protection for UK Faster Payments

Protection pour les pionniers

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.

Lisez nos dernières informations

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

Les couvertures suivantes peuvent être regroupées dans un seul contrat ou proposées dans des contrats distincts :

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

Avec un public captif et des utilisateurs engagés, pourquoi ne pas envisager d'intégrer des solutions d'assurance aux côtés des services existants et d'offrir une valeur supplémentaire aux clients, en différenciant votre offre et en apportant une nouvelle source de revenus à l'entreprise. 

Elmore propose des programmes sur mesure et innovants pour les utilisateurs particuliers et professionnels. Contactez-nous pour en savoir plus.

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.

Le diagramme représente les avantages de l’atténuation et de la réduction des risques pour optimiser le transfert des risques via l’assurance :

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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.

L’équipe expérimentée en sinistres d’Elmore s’engage à respecter les normes de service et d’excellence opérationnelle les plus élevées. Les professionnels chevronnés sont alignés sur chaque ligne de produits spécialisés et zone géographique et emploient systématiquement les meilleures pratiques. Au besoin, Elmore s'associe à des consultants spécialisés en sinistres pour garantir que, quelle que soit la complexité des réclamations de l'assureur, l'expertise technique appropriée est utilisée pour analyser et résoudre la perte.

Garder vos données en sécurité

Nous prenons la cybersécurité très au sérieux et sommes l'un des rares cabinets du secteur de l'assurance à être certifié Les cyberessentiels. Ces contrôles peuvent réduire considérablement le risque de cyberattaques non qualifiées, mais généralisées.

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