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Fraud Prevention Notice

Fraud Prevention Notice

ExePay Limited is an electronic money institution authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for the issuance of electronic money and provision of payment services. Our FCA registration number is 997541. At ExePay, we believe that education and awareness are the best defenses against fraud. We are committed to keeping our clients and the wider community informed about how to identify and avoid scams. We continue to invest significantly in technology, processes, and people to build a secure financial ecosystem where you can transact confidently. Fraud prevention is central to our operations.

Our Core Principles for Fighting Fraud

  • Customer Security First We design our services to create a challenging environment for fraudsters.
  • Balanced Fraud Risk Management We take a measured approach to risk that balances security with operational demands and customer experience.
  • Investment in Technology and People We continuously enhance our systems and train our staff to stay ahead of fraud threats. We also equip our customers with tools and knowledge to protect themselves.
  • Active Customer Collaboration We expect our customers to comply with reporting obligations and provide 24/7 support to assist with any suspected fraud cases.

Common Types of Scams

Fraudsters use various tactics to deceive and steal. According to the FCA, Authorised Push Payment (APP) fraud and Investment Scams are particularly widespread.

Authorised Push Payment (APP) Fraud

Scammers trick you into sending money to their accounts by impersonating legitimate contacts or companies. Impersonation Fraud: Scammers pose as your bank, tech support, or law enforcement. They claim there is an urgent issue and convince you to move funds to a so-called “safe” account, which they control.Protect yourself: Always verify claims by independently contacting the organisation using their official contact details. Invoice Scams: You receive a fake invoice resembling one from a known supplier, but with altered payment details. Protect yourself: Check sender email addresses and scrutinise invoice details. Always confirm payment details with the supplier through a trusted channel.

Advance Fee Fraud

You’re promised large sums (e.g., lottery winnings or inheritance) but are asked to pay a fee first. Once paid, the fraudster disappears. Protect yourself: Ignore requests for upfront payments related to prizes or opportunities you didn’t initiate.

Investment Scams

Fraudsters promote fake investment opportunities—often via social media—that promise high returns with low risk. Protect yourself: Research thoroughly, avoid impulsive decisions, and only invest through regulated platforms.

Money Mules

Fraudsters offer money in exchange for receiving and transferring funds. This is a form of money laundering. Protect yourself: Never let others use your bank account. You could be held criminally responsible.

Phishing

Fake emails, texts, or websites are used to steal personal information. Protect yourself: Don’t click links or download attachments from unknown or suspicious sources.

Remote Access Scams

Fraudsters impersonate tech support and trick you into granting them remote access to your devices. Protect yourself: Never allow remote access to anyone you don’t know personally.

How Fraudsters Manipulate You

Fraudsters rely on social engineering techniques:

  • False Friendliness followed by threats or pressure.
  • Creating Urgency to prompt rushed decisions.
  • Faking Familiarity by using information they’ve gathered about you.
  • Be cautious. If something feels suspicious, trust your instincts and verify independently. Watch Out For:
  • Fake Email Addresses: Always check that communications from ExePay ends in @exepay.co.uk.
  • Forged Documents: Check for typos, formatting errors, or irregular contact info.
  • Deepfakes: Scammers may use AI to mimic voices or faces.
  • Fake Websites/Apps: These mimic legitimate platforms but steal funds. Verify domain names and research platforms via trusted sources.

What To Do If You’re a Victim of Fraud

If you suspect fraud involving ExePay Limited, report it immediately: Email: info@exepay.co.uk

Steps to Take:

  • Contact Your Us – Report the issue to our fraud department info@exepay.co.uk
  • Contact the Receiving Bank – If known, report the scam to the recipient’s bank.
  • Report to Police/Action Fraud:
    • UK: Call 101 or report online via Action Fraud (0300 123 2040).
    • Scotland: Call 101 or Advice Direct Scotland (0808 164 6000).
  • Monitor Accounts – Look out for unauthorised activity.
  • Change Passwords – Update login credentials and enable two-factor authentication (2FA).
  • Run Security Scans – Use antivirus and anti-malware tools.
  • Beware Follow-Up Scams – Fraudsters may try to target you again.

APP Scam Reimbursement (Effective 7 October 2024)

The UK Payment Systems Regulator mandates that payment service providers reimburse eligible victims of APP scams up to £85,000.

You May Be Eligible If:

  • You are a consumer, micro-enterprise, or charity
  • The payment occurred on or after 7 October 2024
  • The payment used Faster Payments or CHAPS
  • The payment was authorised by you under false pretences
  • The transfer went to a UK third-party account
  • The claim is submitted within 13 months of the transaction
Exceptions

Claims may be rejected if:

  • You are not eligible (e.g., large enterprise or international transfer)
  • The payment type is excluded (e.g., cheque, cash)
  • The claim exceeds £85,000
  • You failed to act with caution (ignored warnings, delayed reporting, etc.)
  • The claim is dishonest or linked to civil litigation Note: Vulnerable customers are generally given more protection.
Consumer Standard of Caution

To be eligible for reimbursement, you must:

  • Take fraud warnings seriously
  • Report scams promptly
  • Cooperate with investigations
  • Report incidents to police if required
How to Submit an APP Scam Claim

To submit a claim:

  • Email: complaints@exepay.co.uk Note: Investigating your claim may involve sharing relevant personal details with the recipient’s payment provider. For further assistance, contact us directly at info@exepay.co.uk.