Policy of Compensation for Damages by Frauds, etc.

Last updated: 1 April 2022

Article 1 (Purpose of this policy)

Wise Payments Japan K.K. (hereinafter referred to as “the Company” or “WPJ”) strives to protect its users and has established the following policy relating to its fund transfer service aimed at fostering and maintaining a stance that complies with the revised Payment Services Act and facilitating user compensation in the case of unauthorized takeover of a payment account as well as a system for consultation and response, etc. when a user has suffered damages.

Article 2 (Definitions)

  • Users, etc.:
    Persons who hold an account with the Company to use the Company's fund transfer service, and persons other than a user who agree to the Company's Terms of Use and apply to the Company for compensation via the prescribed method.
  • Unauthorized takeover of a payment account:
    Use of the Company’s fund transfer service by a third party, who has unduly obtained information such as the user's ID and password, without authority and against the will of the user

Article 3 (Criteria for compensation)

  1. Damages eligible for compensation
    Users, etc. may apply to the Company for compensation based on the "Terms of Use" and this Policy if they suffer damage due to the following:
    • Unauthorized use of the balance in Wise accounts, etc. contrary to the will of users, etc. by a third party who has obtained the user's account information due to circumstances including theft or fraud, etc.
  2. Examination of damage cases
    The Company will examine the content of the claim for compensation received from users, etc., the result of its investigation and any other circumstances, and will pay out compensation only with respect to unauthorized use that the Company has deemed as the matters that do not correspond to any of the following items:
    1. Unauthorized use due to the willful or negligent (including gross negligence) acts of users, etc. or persons who should be equated to users, etc. (including but not limited to the user's family members, persons living with the user, and agents of the user who have obtained the password for the user's device or the Company’s account; hereinafter referred to as "Related Party, etc.");
    2. Users, etc. or their Related Party, etc. breach the various terms prescribed by the Company;
    3. The claim for compensation is or is suspiciously considered to be false in whole or in part;
    4. Users, etc. benefit from the unauthorized use, or cooperated or are suspiciously considered to have cooperated with the unauthorized use (including when a user coerced the third party to engage in unauthorized use);Users, etc. benefit from the unauthorized use, or cooperated or are suspiciously considered to have cooperated with the unauthorized use (including when a user coerced the third party to engage in unauthorized use);
    5. Users, etc. submit a claim for compensation within 180 days of a previous claim;Users, etc. submit a claim for compensation within 180 days of a previous claim;
    6. Users, etc. do not make efforts or cooperate with identification of the unauthorized user and investigation of damage;
    7. Unauthorized use that occurs along with a significant disruption of order such as war or earthquake, etc.; and
    8. Any other unauthorized use that the Company deems, as a result of its investigation based on appropriate information, would be inappropriate to compensate.
  3. Conditions for compensation
    If the Company receives a claim for compensation of damage eligible for compensation from users, etc., then it will examine the content of the claim based on "1.3.2. Examination of damage cases" and shall pay out compensation if the following conditions are satisfied:
    • The unauthorized use is reported to the Company and the police within 30 days after the date on which damages were suffered as a result of the unauthorized use (or the last date on which damage is suffered, in the case of multiple damages occurring in succession);
    • The occurrence of damages as well as the existence and content of compensation that users, etc. may receive from third parties other than the Company (including compensation that users, etc. has already received) are accurately reported to the Company without delay;
    • A document, information or evidence specifically required by the Company (including a document certifying to that effect, if the Company requests that users, etc. file a damage report to the police) submitted to the Company without delay at the request of the Company; and
    • Users, etc. agree that users, etc. take the necessary measures to prevent the spread of damage in accordance with the instructions of the Company or a person designated by the Company, and cooperate in investigating fact finding and the situation of damage, etc.

Article 4 (Content of compensation)

The compensation provided by the Company to users, etc. shall be as follows:

  1. The damage directly suffered by users, etc. due to the unauthorized use with respect to which the claim for compensation was made in the form of Wise balance or cash. Any fees incurred along with the payment of compensation shall be borne by the Company;
  2. Notwithstanding 1) above, the amount after deducting the amount recovered from third parties other than the Company from the amount subject to unauthorized use (including fees on the Wise account and Wise balance);
  3. Notwithstanding 1) above, in case users, etc. are entitled to compensation for damage caused by the unauthorized use from a third party other than the Company, the excess amount if the amount of damage excesses the amount of compensation from the third party.

Article 5 (Assignment of rights after compensation)

In case the Company has paid out compensation through procedures provided in 1.3 above and otherwise, then all rights pertaining to the unauthorized use that is the subject of the compensation shall be assigned by users, etc. to the Company.

Article 6 (Termination and suspension of compensation system, etc.)

The Company may suspend or revise this compensation system in whole or in part without prior notice to users, etc. if the Company deems so necessary due to system maintenance, failures in communication lines and computers or any other operational reasons. The Company assumes no liability with respect to damage suffered by users, etc. during the period in which this compensation system is terminated or suspended.

Article 7 (Compensation consultation service and contact address)

Address: 1-6-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004 Japan
Customer Support: Inquiry Form or Phone: 0800-080-4317 (Toll Free) / 050-3161-3745 (Paid)
Business hours: 9:00 - 17:00 (Monday to Friday, excluding Saturdays, Sundays, and public holidays)

Article 8 (Update and revision to this Policy, etc.)

This Policy may be revised or abolished due to changes in economic conditions, the revision and abolition of laws and regulations, changes to the Company's Terms of Service, or any other reasons of the Company.

Any notification of the revision to or abolition of this Policy shall be made by display on the Company's website or in the Company's app.