Navigating the tricky waters of APP fraud
June 19, 2024
What is APP fraud?
APP fraud (or Authorised Push Payment fraud) is where a victim is coerced out of a large sum of money by scammers pretending to be someone legitimate.
APP fraud is one of the most common types of financial scams in the UK.
Scammers often pretend to be an organisation which consumers trust to keep their money safe. Such as your bank, government agencies and even your utility companies, as they know consumers expect these entities to safeguard their money.
There are many ways in which contact can be made to attempt to defraud consumers. This can be phone calls, emails and text messages. The information they provide often gives them a sense of urgency to gain funds immediately.
Steps to take to help protect yourself against APP fraud
- Verify caller ID
If you receive a phone call from someone claiming to be your bank or another trusted party and are requesting a money transfer, you should always hang up. You should then attempt to contact the company directly, e.g. a bank’s phone number can be found on the reverse side of your bank card. This is to ensure that the organisation is attempting to contact you.
- Question, question, question!!
Any unexpected requests for monetary transfers should always be questioned. Any legitimate organisation will not pressure you for immediate action and will understand you wishing to call back the company directly to verify they are contacting you. Ask as many questions as possible to feel comfortable with the company contacting you. Often, the information scammers have can be limited, so they are likely to be unsure of something you are asking.
- Take your time
APP fraudsters often demand that people act quickly, putting pressure on to avoid scrutiny.
A genuine organisation like a bank will not pressure you. So, take the time to verify the authenticity of the request before acting.
It is always better to be cautious and take your time when dealing with unexpected requests. Especially those involving requests to transfer large sums of money.
Staying vigilant and informed of the warning signs can help prevent someone falling victim to APP fraud. And losing substantial funds!
APP fraud can be both financially and mentally devastating for someone to experience.
If you think you may be one of the thousands of people who fall victim of APP fraud – report it to your bank as soon as possible.