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How we protect your money

At Lumon, protecting your money is our top priority. As an authorised electronic money institution, we follow strict regulations to ensure your funds are safe. But beyond that, we believe that understanding how your money is protected helps build trust. That’s why we’re transparent about our safeguarding measures.

Fraud prevention is more than reacting to threats—it’s about staying informed and taking proactive steps. By knowing how we protect your money and being aware of fraud tactics, you can confidently secure your transactions. We’re here to provide you with the knowledge to protect yourself and your finances.

Safeguarding your funds

Safeguarding is a regulatory requirement, but for Lumon, it’s much more than that—it’s about providing you with the confidence that your money is protected. For more information about Lumon, our safeguarding process, and how to protect yourself from fraud you can visit our Help Centre.

Segregated accounts

When you hold money with us, it is kept separate from our own company funds. We place your money in segregated accounts with mainstream banks, ensuring it’s always available to you and protected from business risks.

Insurance protection

In some cases, rather than placing your funds in a separate account, we’ll use an insurance policy to keep your money protected. We also regularly review the suitability of the insurers we work with.

At Lumon, we understand your money represents your hard work and goals, and ensuring it’s protected is our priority, and at the heart of our business. We’re continuously working to strengthen our processes, and we strive is to provide you with confidence and peace of mind every step of the way.

Alessio Giorgi

Chief Risk Officer at Lumon

How to safely transfer your funds overseas

When sending money overseas, convenience and speed are key, but ensuring the security of your funds should always be a top priority. With a few smart precautions, you can make international payments safely and with confidence. Whether you’re making regular transfers or a one-off payment, it’s essential to protect your transactions from potential risks. Follow our expert advice to ensure your money reaches its destination securely, while also taking advantage of quick, cost-effective transfers.

At Lumon, we believe that knowledge is power. Understanding how to protect your money extends beyond safeguarding—being aware of potential fraud risks and staying informed is essential.

How to send your money overseas safely

Types of fraud

Identity theft

Identity theft is when someone steals your personal information, such as your name, bank details, or National Insurance number, to commit fraud. This can result in financial loss, damage to your credit score, and misuse of your identity for criminal activity.

Authorised Push Payment (APP) fraud

APP fraud occurs when a scammer convinces you to instruct your bank to send money to their account under false pretences. A common type of APP fraud is  romance fraud where scammers form fake relationships and request money for personal reasons.

Banking fraud

Criminals engage in various forms of banking fraud, including mobile, online, and telephone banking scams. In mobile banking fraud, they may contact you to gain access to your mobile banking app, enabling them to make unauthorised payments. Online banking fraud involves persuading you to disclose your online banking credentials through phishing or social engineering tactics. Meanwhile, telephone banking fraud sees fraudsters impersonating legitimate organizations over the phone, convincing you to make payments or grant access to your account.

Account takeover

Also known as hacking, this type of fraud involves a criminal gaining access to your bank or credit card account, potentially requesting replacement cards for physical use.

Advance fee fraud

This involves criminals asking for upfront payments for goods, services, or financial gains that never materialise. Common types include:
• Rental fraud: Paying to rent a property that doesn’t exist.
• Inheritance fraud: Criminals claim you’ve inherited money but request a fee to release the funds.
• Lottery fraud: Scammers tell you that you’ve won a prize and ask for payment to release the winnings.
• Ticket fraud: Nonexistent tickets are sold online.
• Ghost broker/car insurance fraud: Fraudulent insurance products are sold that don’t offer the claimed coverage.
• Investment fraud: Fake investment opportunities are advertised, tricking victims into handing over their money.

How to protect yourself against fraud

Understanding how Lumon communicates with you is essential for safeguarding your finances. We encourage you to familiarise yourself with the information we request and how to verify that you’re interacting with the genuine Lumon team. To learn more about identifying authentic Lumon communication, check out our article, along with our top tips list, below, to further protect yourself from fraud.

  • Always type website addresses directly into your browser.
  • Avoid clicking on links in unsolicited emails or social media posts.
  • Use secure payment methods from trusted retailers.
  • Be cautious of offers that seem too good to be true or requests for bank transfers.
  • Verify payment requests by contacting suppliers directly.
  • Double-check any suspicious invoices with your suppliers.
  • Never share your passwords and use unique ones for each account.
How Lumon contacts you

I think I am a victim of fraud, what should I do?

If you believe you’ve been scammed it’s important to take immediate action. Contact your bank on a number you know to be correct, such as the one listed on your statement, their website or on the back of your debit or credit card. In the UK, you can report it to Action Fraud online or by calling 0300 123 2040. If you’re in Ireland or other European countries, contact your local law enforcement agency.

If your fraud is related to Lumon, please contact your account manager directly or call us at:
UK: +44 (0)203 384 7280
EU: +353 (0)1 592 1528

The following UK organisations also provide help and fraud advice:

  • Take Five
  • Which?
  • National Cyber Security Centre
  • Metropolitan Police – fraud advice
Visit Action Fraud website

We’re here to help

At Lumon we understand what it takes to help you buy property abroad successfully. We tailor our specialist overseas property service to meet your individual needs, so you can make international payments with confidence. We’re here to help you make the most of your budget with no hidden fees.

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