Protecting Our Users: Industry-first Authorised Push Payment (APP) security measures

As part of our ongoing commitment to keeping your money safe, we will be implementing industry-first security measures starting from October 7th, 2024. Our cutting-edge technology is designed to protect you against potential fraud and scams. These advanced security features include:

  

Advanced Fraud Prevention Features

To ensure the highest level of protection, we have introduced several key security features: Test Payments, a period of Cooling-off, Trusted Payee, and Flexible Payment Tiers. These measures are specifically designed to enhance the security around transactions, particularly when making larger payments.

1. Test Payments Only applies to GBP payments made within the UK

When sending more than £100 to a new payee, we’ll require you to send a small test payment. This additional step allows you to carry out an additional verification with the recipient to ensure the money is going exactly where you want it to go and to the right person. It’s especially useful when sending money to someone for the first time or when transferring larger amounts.

2. Period of Cooling-off Only applies to payments made in GBP within the UK

During this verification, there is a period of cooling-off before you proceed to release the remaining amount. This provides you the opportunity to pause and question again the authenticity of the payment and the person you are paying. Use this time to think again if you could have fallen victim to a scam or verify details – such as, contacting the recipient to confirm they have received the test payment and requesting a receipt for verification; reviewing any online feedback or warnings about the recipient; and visiting the official website or reaching out to the organisation's customer service for further inquiries, if these steps have not already been completed. 

Taking a moment to reflect can help you protect your money, especially when making a new or larger payment.

3. Trusted Payee Only applies to UK Payees

After successfully making a payment, you can mark the recipient as a “trusted payee.” Future payments to them will be smoother and will not require test payments.

4. Flexible Payment Tiers

Our Flexible Payment Tiers are designed to provide an extra layer of security while offering flexibility to meet your individual needs, with tiers of £5,000, £10,000, and £25,000 per transaction per day. These limits adjust over time based on your account activity, ensuring a secure and personalised banking experience.

(Coming soon) You’ll also have the option to increase your limit up to £100,000 per day, or more, with a one-off request. This is great for large payments, like buying your new home. We’ll just need some details to confirm the payment is going to the right place for the right reason, so you can send large amounts safely and securely.

These innovative features reflect our commitment to protecting your financial well-being. We are dedicated to providing a secure banking experience, so you can conduct transactions with confidence.