Summary
Paysend is a UK-based fintech regulated by the Financial Conduct Authority (FCA). It offers international transfers, card-to-card payments, and multi-currency accounts. Since 7 October 2024, enhanced protections against Authorised Push Payment (APP) scams have been in force under Payment Systems Regulator (PSR) rules. As of April 2025, updated Terms of Service for UK customers are active, clarifying how reimbursement works. Victims may be reimbursed, with most claims subject to a £100 excess and case-by-case review.
Context and Scope
This account reflects Paysend’s corporate profile and the fraud protection measures now fully in effect as of September 2025. It includes the company’s regulated status, its global services, and the timeline of fraud protections: enhanced APP scam safeguards beginning in October 2024 and the updated Terms of Service taking effect in April 2025. The scope covers protections, conditions, and steps customers should take if scammed.
Exhaustive Narrative of Facts
Paysend’s Email
Paysend previously informed UK customers that a new version of its Terms of Service would take effect in April 2025. That update is now in place, providing clearer details on how reimbursement for Faster Payments Service (FPS) Authorised Push Payment scams operates. Customers were reassured that transfers were already protected before the update.
From 7 October 2024, enhanced protections against APP fraud became effective. APP fraud occurs when scammers trick victims into willingly sending money. Under PSR rules, victims may be eligible for reimbursement, though most claims involve a £100 excess.
Protections and Conditions
Reimbursement is not automatic. Each case is assessed individually to determine eligibility. Customers are expected to exercise reasonable care when making payments; failure to do so can affect their right to reimbursement.
Steps to Take if Scammed
If someone suspects they have been scammed, the recommended actions remain:
- Contact the bank or financial institution from which the payment was made.
- Report the scam to Action Fraud by calling 0300 123 2040 or visiting http://www.actionfraud.police.uk in England, Wales, or Northern Ireland.
- In Scotland, report the scam to Police Scotland by calling 101.
- Contact Paysend’s Customer Support team for guidance and help.
Practical Takeaways
- Paysend continues to provide international transfers, card-to-card payments, and multi-currency accounts, serving millions worldwide.
- The company is incorporated in Scotland and regulated by the FCA as an electronic money institution.
- Enhanced APP scam protections have been in force since 7 October 2024 under PSR rules.
- Updated Terms of Service for UK customers have been active since April 2025, clarifying reimbursement processes.
- Reimbursement for APP scams is possible but requires case review and usually involves a £100 excess.
- Victims should act quickly by contacting their bank, reporting to Action Fraud or Police Scotland, and reaching out to Paysend support.
My Diary - Leonardo Cardillo 