Fraud Prevention Notice

MAAYAN PAYMENTS LTD is an electronic money institution, authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for issuing of electronic money and the provision of payment services with FCA registration number 927556.

We believe the best defence against fraud is knowledge. That’s why we work to educate both our clients and the wider community about how to spot scams.

We are making significant investments in technologies, processes and in our people.

Our goal is to build a secure financial system where you can transact with confidence. Fighting fraud is at the heart of everything we do.

We follow 4 core principles to combat fraud and maintain a secure and compliant payment infrastructure.

Principle 1 – Prioritising Customer Security: We aim to provide an unattractive environment to fraudsters.

Principle 2 – Balanced Fraud Risk Management: With keeping in mind our customers operational demands and customer experience, we adopt a balanced approach to fraud risk management with the aim to minimise fraud losses.

Principle 3 – Investment in Technology and People: Continuous investment in technology and internal training to ensure we stay ahead of fraudsters, ensuring our customer’ assets are safeguarded and providing the customers with knowledge and tools to protect themselves.

Principle 4 – Customer Cooperation. We impose strict reporting and compliance responsibilities on our customers and provide around-the-clock support to assist our customers and their customers with any financial fraud queries.

Common Types of Scam

Fraudsters use a variety of tactics to steal your money. The FCA reports that Authorised Push Payment (APP) fraud and Investment Fraud are especially prevalent right now. Here are some of the most common scams:

APP (Authorised Push Payment) Fraud: In this scam, someone tricks you into sending money directly to their account posing as a genuine payee. It could have a myriad of forms, the most widespread of which are:

Impersonation Fraud: You get a call supposedly from your bank, the police, or a tech company like Microsoft. The scammer claims there’s a problem with your account and tells you to urgently transfer money to a “safe” account (which they control).

Protect yourself: Never rush. Hang up and call the company directly (using a number from their official website) to verify the situation.

Invoice Scam: You receive an invoice that looks just like one from a real supplier. But the bank details have been changed, so your payment goes straight to the fraudster.

Protect yourself: Scrutinise invoices carefully. Check if the sender’s email address matches the website address of the company it says it’s from – hover your cursor over the sender’s name to reveal the true address.

Advance Fee Scam and Others: You’re promised a huge lottery win, inheritance, or prize, but first you have to pay a fee. Once you pay, the scammer disappears.

Protect yourself: Be aware of special sale items at ‘too good to be true’ prices or lotteries you haven’t entered.

Investment Scam: You see ads for get-rich-quick crypto or forex schemes on social media. You might even be contacted by someone claiming to be a successful investor offering you tips.

Protect yourself: Be skeptical of offers that seem too good to be true – high returns for a low risk. Do thorough research before investing, and only use reputable exchanges.

FCA Warning List of unauthorised firms | FCA: FCA Warning List of unauthorised firms FCA – ScamSmart – ScamSmart – Avoid investment and pension scams 

Money Mule: Fraudsters often try to recruit money mules by promising quick cash for simple tasks. They might advertise fake job openings or approach you directly online. Here’s how it works: The fraudster makes it seem like a legitimate opportunity to earn extra money. You receive funds into your account and are instructed to transfer them elsewhere or withdraw cash. The money you handled was stolen. You could face criminal charges and lose your own money.

Protect Yourself: Watch out for anyone asking to borrow your bank account, or offering easy money. If it looks too good to be true, it usually is. Don’t let criminals trick you into moving money illegally, you can become an accomplice to fraud and face criminal charges.

Money Mules – National Crime Agency: Money Mules – National Crime Agency

Phishing: Phishing scams use fake emails, texts, or websites to trick you into giving up your personal information. For example, stealing passwords, credit card numbers, bank account details, and other confidential information. They might look like they come from your bank, a streaming service, etc.

Protect Yourself: While links in emails or texts from family or friends may be fine, don’t click on any link (or open attachments) in unsolicited emails or in texts you weren’t expecting.

Remote Access / Hacked Account: In this scam, fraudsters convince you to give them remote access to your computer or phone. They might pretend to be tech support from a well-known company or claim your device has a virus.

Protect Yourself: Don’t let someone you don’t know have access to your computer, especially remotely over the phone (not face-to-face).

How Scammers May Trick You

Remember, fraudsters rely on your trust. Stay sceptical, do your research, and never make decisions based on pressure or fear. If something feels wrong, it probably is. Don’t ignore that gut feeling, even if you can’t quite pinpoint why you’re suspicious.

Behavior. Fraudsters aren’t just after your money – they’re playing mind games to trick you. Watch out for these common tactics:

• False Friendliness, then Threats. They may start off charming, but if you don’t comply, they can quickly switch to aggression. Don’t be intimidated – it’s a sign they’re desperate.
• Creating Urgency. They’ll insist you need to act NOW or lose your money, face arrest, etc. This is designed to make you panic and react without thinking carefully.
• Faking Familiarity. Scammers research you. They might drop names of your friends, mention recent purchases, or reference your work to seem credible. Never assume someone is genuine just because they know a little about you.

Fake email addresses. Fraudsters often use email addresses that look almost – but not quite – like official ones. Always check the domain name carefully (the part after the “@”). Genuine communications from MAAYAN PAYMENTS LTD will always come from an address ending @m-pay.me

Fake Documents. Fraudsters are experts at forgery. They can easily create documents with official-looking logos, fake invoices, bank statements, or even official government notices that look surprisingly real.

Scrutinize every document. Look for inconsistencies in the formatting, typos, or unusual contact information. Contact the real organization directly to verify. Use their official phone number or website, not contact information provided in the suspicious document.

Deepfakes. Deepfake artificial intelligence technology allows fraudsters to manipulate audio and video to impersonate anyone, even people you know and trust. Pay close attention if the voice sounds slightly off, if the video has strange glitches, or the person asks you for money or sensitive information.

If unsure, try to contact the real person directly through trusted channels (like in-person or their verified social media) to confirm if the message came from them.

Fake websites/applications. In the fraudulent application/website a person sees his investments and the growth of his income. The fraudster may even allow you to withdraw a small part of the income, but when it comes to withdrawing a large amount, the fraudster may demand tax or disappear altogether (access to the application is lost and the person does not know where his money is and whether his income, which was visible in applications).

Check the website’s URL carefully. Look for misspellings, unusual domain names (e.g., not ending in .com or .gov). Research the company online to see if there are complaints or warnings. Check FCA Warning List of unauthorised firms | FCA

What to do if You have been the Victim of Fraud

If you believe you became a victim of fraud or suspect any suspicious activity related to MAAYAN PAYMENTS LTD, please report this immediately via the support email at support@maayanpayments.com. Additionally, do the following:

Remember:

Act Quickly and Decisively.

The sooner you act, the better your chances of minimizing losses and stopping the scammers.

Don’t feel embarrassed or ashamed.

Fraudsters are skilled manipulators. Reporting what happened helps prevent others from becoming victims.

Gather Evidence.

Keep records of all communications related to the fraud, including emails, text messages, and screenshots. This will help with investigations.

• Immediately contact Your Bank Immediately contact your bank or financial institution you sent money from. Report the incident to their fraud department and provide details of the fraudulent activity. Provide as much detail as possible about the transaction, including the date, amount, and any information you have about the fraudster.
• Contact the Receiving Institution If you know the name of this company, contact this institution immediately and report the fraud to their fraud department.
• File a Police Report
Contact your local police department. In the UK, you can also report online or to Action Fraud.
  
If you’re in England, Wales or Northern Ireland please report it to the police online or by calling 101. Also report it to Action Fraud online or by calling 0300 123 2040.
  
If you’re in Scotland, you should report to Police Scotland by calling 101, or contact Advice Direct Scotland on 0808 164 6000.
• Monitor Your Accounts
Keep a close eye on your bank and other financial accounts for any suspicious activities or unauthorized transactions. Report any unauthorised transactions promptly to your bank.
• Change Passwords
Immediately change passwords on any accounts you think might have been compromised, especially online banking, email, and social media. Use strong, unique passwords for each account. Consider enabling two-factor authentication (2FA) for your online accounts. This adds an extra layer of security by requiring a code from your phone or email in addition to your password.
• Install Security Software
Ensure your computers and mobile devices have up-to-date antivirus and anti-malware protection installed. Run full system scans to check for any hidden threats.
• Be Cautious of Follow-Up Scams
Fraudsters may attempt to follow up with additional scams. Be cautious of unsolicited communication and only interact with trusted sources.

APP Scams Reimbursement

The Payment Systems Regulator in the UK introduced a new mandatory reimbursement framework for victims of Authorised Push Payment (APP) scams which came into effect on October 7th 2024.

Under the APP Scam Reimbursement Rules, if you are a consumer, micro-enterprise or charity and have been the victim of an APP Scam from 7 October onwards, you may be able to submit a reimbursement claim to your payment service provider up to a value of £85,000.

Eligibility for Reimbursement

You can submit an APP scam reimbursement claim if:

• You are a consumer, micro-enterprise, or charity
• The payment was authorised by you but sent to a fraudster’s account under false pretences
• The payment was made after 7 October 2024, through Faster Payments System or CHAPS
• The payment was made to a third party in the UK, not controlled by you, and authorised within the 13-month period before the claim
• Reimbursement claims can be made for amounts up to £85,000.

Exceptions to the general reimbursement obligation

Your reimbursement claim for an APP scam can be rejected under certain circumstances. Based on the APP Scam Reimbursement Rules effective from 7 October 2024, a payment service provider can deny a reimbursement claim if it fails to meet specific criteria. Here are the main reasons a claim may be rejected:

Failure to Meet Eligibility Criteria

If the claim does not fulfil the eligibility requirements, such as:

• You are not a consumer, micro-enterprise, or charity.
• The payment was made before 7 October 2024.
• The payment was not processed through the Faster Payments System or CHAPS.
• The payment was not made from your account to a third-party account in the UK.
• The transaction was authorized more than 13 months before submitting the claim.

Exceeding the Claim Limit

Reimbursement is limited to £85,000 per claim. Any claim amount beyond this limit may be rejected for the excess.

Payment Type Restrictions

Claims for certain types of payments are not eligible, including:

• International payments.
• Payments made using cheques or cash.
• Transactions involving credit unions, municipal banks, or national savings banks.

Consumer Standard of Caution Exception

If you are deemed to have failed to meet the consumer standard of caution due to gross negligence, your claim can be rejected. This includes cases where:

• You ignored warnings from your payment service provider.
• You did not promptly report the scam or cooperate with the investigation.

Fraudulent or Dishonest Claims

If the claim itself is found to be fraudulent or dishonest, or if you participated in first-party fraud, the claim will be denied.

Legal or Civil Disputes

If the amount claimed is part of an ongoing civil dispute or legal action, your claim may be rejected until the dispute is resolved.

Other Regulatory or Legal Reasons

Your claim may be denied if required by applicable laws or if there are regulatory exceptions outlined by the APP Scam Reimbursement Rules, Pay.UK, or other regulatory bodies.

Please note that the above list is a non-exhaustive list of the reasons your APP Scam claim may not be approved. Each claim is assessed on a case-by-case basis, and the specific circumstances of each claim are taken into account.

What is the Consumer Standard of Caution

The Consumer Standard of Caution is a set of requirements which all customers are expected to meet, and if any component is not met due to the customer’s gross negligence, the payment service provider is entitled to reject their reimbursement claim.

Key Elements of the Consumer Standard of Caution:

You are expected to meet the following requirements:

• Heed Warnings: If the payment service provider or a relevant authority (like the police) gives specific warnings about potential fraud or risks, you are expected to take those warnings seriously.
• Report Scams Promptly: You must report the scam to their payment service provider as soon as you learn or suspect that you have been defrauded.
• Provide Information: When investigating the claim, the payment service provider may request additional information to assess the situation. You are expected to cooperate by providing necessary details.
• Report to the Police: If required, you must report the scam to the police, or allow the payment service provider to do so on your behalf.
• If you are classified as a vulnerable customer (e.g., due to age, disability, or other factors), the consumer standard of caution exception does not apply. Vulnerable customers are generally given more leniency in how they respond to potential scams.

What to do if you have been scammed:

If you believe you have fallen victim to APP fraud, contact us immediately at client-support@maayanpayments.com to report it. We may be able to block the transaction or trace the money.

How to submit APP Scam claim

To submit a claim for APP scam reimbursement under the new rules effective from 7 October 2024, you have several ways to leave a claim:

• send your claim to email at: complaints@maayanpayments.com
• send a claim via a form at MAAYAN – Contact Us (m-pay.me) NEW LINK

Please note that in order to investigate an APP Scam claim, we may be required to share personal information (such as your name and account information) with the receiving payment service provider.