Question 1

I am entering the correct OTP but it still says incorrect OTP?

Accepted Answer

Freemarket sends a one-time password (or OTP) to authenticate customers, which you can receive OTP on mobile or email based on your preference. OTP is used to add extra layer of security during the sign in process or during delivery of certain orders. OTPs are unique and should not be shared with anyone.

If you have tried to access your login page multiple times, every new click on “Resend an OTP” will generate a new OTP. You should enter the latest OTP that you have received based on your preferences.

If you are still having trouble with the code, contact your Relationship Manager or email support@wearefreemarket.com.

Question 2

Do you offer multi-currency IBAN accounts?

Accepted Answer

Yes, we do; a multi-currency account allows you to send and receive money in a variety of different currencies.

While we expand the number of local collection and settlement options you may use on our network, we can make local payments for you and utilise a number of payment networks.

Question 3

Where can I view my SSI's on the platform?

Accepted Answer

Your account information is essentially included in an SSI, or Standard Settlement Instructions. This information may be seen on the homepage's right-hand side.

Your account information, the accounts you have, and the available currencies to which you have access are listed. There will also be an overview of your vIBAN details.

When you top up or transfer on the platform you'll also see your details shown.

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Question 4

What are approvals and roles on the platform & how to change them?

Accepted Answer

There are five main user roles on the platform; client admin, account user, read only, exchange approver and withdrawal approver – these are all permissions that a client can manage themselves.

Client Admin: being able to create payments, exchanges and manage users
Exchange Approver: this user will be able to approve an exchange before it is actioned and scheduled
Read Only: unable to make any changes, create payments or exchanges and only allowed to view features of the platform
Account User: able to create payments and exchanges on the platform
Withdrawal Approver: this permission setting will be able to approve a withdrawal before it is actioned and scheduled
Manage Users: this enables you to temporarily suspend or reinstate users, modify permissions, and add or delete people

Each of the user roles has different permissions, meaning they can access different parts of the platform. You can also disable email notifications for a particular user if preferable, and they don’t want to be notified via email. The overriding administrator of the account can set up the different permissions or contact support if you are unable to do this and require assistance.

Head to user management to change permissions and view your current status.

Question 5

Why is the amount which reaches the beneficiary sometimes less than the amount sent?

Accepted Answer

Since you gave us the order to exchange the currency, the exchange rate may have fluctuated. We don't cover this then recoup since we don't grant you credit; instead, we ask that you have a 2% buffer in place.

Our global network of banks and NBFIs, with which Freemarket has partnered up, gives us access to mid-market rates in real-time. This enhances your options and enables us to join bigger trading pools, ensuring that you receive the best prices possible.

Before completing a transaction, you will always get an updated quote when you make an exchange.

Question 6

Can I have confidence in your safeguarding processes?

Accepted Answer

Freemarket undertakes an annual audit of its compliance with the PSRs 2017 safeguarding requirements.

For more information on our safeguarding processes please see our other articles on the subject here.

Question 7

How to download account balances from the platform

Accepted Answer

Downloading your currency balances is an easy and simple process.

For each currency that you have access to, if you head to the Balances tab it will show the transaction history from the account in its entirety. The overview will display the beneficiary, incoming transactions, outgoing transactions, and overall balance of the currency.

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From this viewpoint, you’ll be able to see the history for the currency – which can be located in the lefthand side of the screen – and you can toggle the side panel in order to select which currency you want to view.

Exporting the data from the platform is an easy task and you can do this in a matter of seconds. The platform by default will export the entire transaction history in your selected format. By clicking on green calendar icon (that is situated next to date), you are able to select a date range to view or export. Once, you have the currency and timeframe selected you can export the data in PDF or XLS format (as highlighted).

Question 8

Why was my account rejected?

Accepted Answer

You will receive an email from us informing you that your application was unsuccessful and declined by the platform, along with the reason(s) behind it.

It's possible that the application was turned down because it didn't match our risk tolerance. Freemarket takes an appropriate risk-based approach to achieve our strategic and commercial objectives. Further information on our risk appetite here and unsupported jurisdictions may be found here.

The application would be assessed by our risk team in conjunction with a Relationship Manager or a member of our support staff, who would also explain why it was turned down. They will be able to offer guidance and respond to any inquiries why your account wasn’t approved for payment solutions at this time.

Question 9

What is APP fraud and what measures are in place to prevent it?

Accepted Answer

What is APP (Authorised Push Payment) fraud?

APP Fraud is where individuals are victims of a scam due to fraudsters tricking them into sending money. Some examples (although not limited to) are as follows:

Impersonation scams where fraudsters pretend to be from your bank, a company you may have had interactions with in the past or the police.
Business Email Compromise scammers impersonate a company executive or supplier, sending an email that appears legitimate, instructing an employee to make a payment to a fraudulent account.
Purchase scams that trick you into paying for goods or services that are not brought to the point of completion.
Triangle scams where you may be asked to make a purchase for someone else, beware. This might be a triangle scam, where a scammer uses stolen payment info to buy goods and has you forward them. Secure your data, report the scam — and don’t make any transactions.
Investment scams is when criminals convince victims to ‘invest’ with promises of high or guaranteed returns. In 2023, investment scams comprised a quarter of all APP fraud losses, totalling £107.8 million.

Who is eligible for fraud reimbursement under the new rules?

The reimbursement requirement applies to individuals, micro-enterprises, and small charities, where an APP scam payment is made using Faster Payments or CHAPS in the UK and sent to a relevant account in the UK. To be eligible, you need to raise a claim as soon as you realise it’s a scam, but no later than 13 months of the final payment made to a fraudster as part of the same scam.

The rules require you to take caution when making payments — this is known as the Consumer Standard of Caution. Under the Consumer Standard of Caution, you should always remember to:

Report the fraud to Freemarket as soon as it happens.
Share all information necessary when reporting your claim to help the investigation.
Report the fraud to the police, or consent to Freemarket reporting on your behalf.
Have regard to specific, directed interventions made either by Freemarket, or by a competent national authority e.g. you should take note of any warnings made by Freemarket before you proceed with a payment.

Furthermore, as per clause 14.2 of the Freemarket terms and conditions, APP scams only apply to individuals, small charities and micro-enterprises and do not apply to companies deemed as corporates. Please ensure you are aware of the Terms and Conditions that have been agreed upon.

Every claim will be reviewed individually based on the information you provide as well as any information available from the receiving Payment Service Provider or the police.

How long will it take?

Any eligible APP claim must be reimbursed back within five business days of the victim reporting the scam. It may take longer under certain circumstances if we pause the five-business day reimbursement timescale. This can be done when Freemarket are liaising with yourselves and counterparties to ascertain the nature of the fraud and collect any relevant supporting documents. The timescale for deciding whether to reimburse is then moved to a maximum of 35 business days.

How much can be reimbursed?

The maximum reimbursement amount per claim is £85,000.

What measures have we taken to prevent APP Fraud?

Freemarket utilises best in class fraud detection measures and transaction monitoring to ensure we are playing our part in protecting you from fraud. Additionally, as per section 31 of your terms and conditions, Freemarket have implemented Confirmation of Payee to ensure better protection. Confirmation of Payee is an account name checking service designed to help reduce misdirected payments, and provides greater assurance that payments are being sent and collected from the intended account holder for UK domestic payments.

What can I do to avoid becoming a victim of APP Fraud?

To avoid becoming a victim of APP fraud, here are some effective measures you can take:

Verify Requests: Always double-check the identity of anyone requesting a payment. If you receive a request via email or phone, contact the person or company directly using official contact details,
Don’t rush: Scammers often create a sense of urgency. Take your time to think through the request and do not feel pressured to act immediately,
Be wary of unsolicited communications: If you receive unexpected messages or calls, especially those asking for personal information or payments, be cautious. Scammers often use tactics like impersonation,
Educate yourself: Stay informed about the latest scams and tactics used by fraudsters. Awareness is key to prevention. Keep up to date with Take Five for further advice,
Report suspicious activity: If you suspect you’ve been targeted or have fallen victim to a scam, report it to your local bank and local authorities immediately.

For more information on keeping safe online, please see our help article here.

Will I always be reimbursed?

You won’t get your money back if you’re found to have been complicit in the fraud or grossly negligent (i.e. ignoring clear warnings) or if you’re not an individual, micro-enterprise or small charity. Please note, this exception does not apply to vulnerable consumers.

Question 10

How can I keep safe online?

Accepted Answer

Take Five is a national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud – particularly where criminals impersonate trusted organisations. Led by UK Finance and backed by His Majesty’s Government, the initiative is supported by a range of partners such as; the payment industry, financial services firms, legal sector, telecommunications providers, and commercial, public, and third sector organisations.

Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
Challenge: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Visit the Take Five website here for more information.

We utilise best-in-class services to enhance our compliance and risk policies, and we use real-time rules-based monitoring in our automated transaction monitoring tool. To further safeguard our clients we hold all funds in segregated accounts with our banking partners.

How do I spot a fake, fraudulent or phishing email or website?

Phishing is a type of email attack in which a fraudster sends you an email while impersonating a person, business, or reliable website in order to obtain your passwords or other sensitive information or gain complete control of your computer.

The majority of phishing efforts take place via email, but fraudsters will use every method they can think of to get you to give them your information or money, including:

Fraudulent emails and other messages that look like they're from legitimate companies
Fake invoices saying you’ve missed a payment
Misleading pop-ups and ads that say your device has a security problem
Scam phone calls or voicemails that impersonate employees at companies
Fake promotions that offer free products and prizes

It’s best to be vigilant at all times, fraudsters want your personal details for a number of reasons. Freemarket will never ask you for any personal data. If you receive a message and are unsure it’s really from Freemarket, check to see if it does any of the following:

Uses generic, impersonal greetings like "Dear user" or "Dear [your email address]." We'll always refer to you in our correspondence by your first and last name or by your company name. Greetings like "Dear user" or "Hello Freemarket member" are never used by us.
Requests that you click on links that lead to phoney websites. Before clicking any links in emails, always double-check them. A link can have a secure appearance, such as www.wearefreemarket.com/SpecialOffers. To view the actual location, be sure to hover your cursor over the link. Don't click on the link if you aren't sure.
Has unidentified attachments. Open an attachment only if you are certain it is trustworthy and safe. Pay particular attention to invoices from businesses and contractors you are unfamiliar with. Some attachments contain viruses that install themselves when opened.
Projects a false feeling of urgency. Phishing emails frequently use alarmist language and urge you to update your account right away. They're hoping you'll be swayed by their haste and disregard red flags that the email is a scam. If there’s an urgent need for you to complete something on your account, you can find this information by logging into Freemarket directly.

You can find some more information, tips, how to spot phishing attempts and best practices from Apple, Santander, Microsoft, and Which.