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12/07/2019
In 2018, criminals using Authorised Push Payment (APP) fraud stole more than half a billion pounds from UK bank customers. These are mostly small businesses that are unaware of what push payment is, let alone how to deal with it. The Guardian describes APP as "a cruel scam so slick even the vigilant can be duped”.
The rise of real-time payment schemes, e.g. Faster Payments, has made push payments more attractive to fraudsters because they can quickly take the money and run. APP is on the rise – but what is it?
It's not actually new, but with the rise of social media it's becoming more common. It happens when con-artists trick consumers or individuals at a business to make a payment to a bank account they control. Since real-time payment schemes are irreversible, the victims can't withdraw the payment when they realise what's happened.
The process usually goes something like this:
"They use social engineering techniques and may hack into email and other systems in order to set up their victims," says California-based data analytics firm FICO. "The defining factor in authorised push payment fraud is the use of real-time payment schemes to transfer the money to the fraudsters."
Here are four tips to avoid APP fraud:
You can also:
It's the old saying - prevention's better than a cure. The more effort you put into protecting your business and your customers from APP fraud as preventative measures, the greater your chances of not becoming a victim. So be proactive in data protection and security practices, and make sure you have expert legal assistance on hand just in case anything does go wrong.
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