Authorised Push Payment (APP) Fraud is becoming one of the most common scams. This is where a criminal tricks you into transferring money to them. It is common for the fraudsters to pretend to be a trusted organisation such as your bank or investment provider, the FCA, HMRC or law enforcement.
In these instances, the fraudsters will attempt to use a range of tactics. Often, the fraudster will inform you that your money is at risk or has been compromised and you need to move it to a “new” account or a “safe” account that’s been opened for you. They will sometimes give you a script or specific wording and ask you to lie to your bank regarding the reasoning for the withdrawals.
How to spot the signs 👁
Being asked to send money to a “safe” or “new” account
Receiving cold calls from individuals purporting to be your bank, law enforcement, HMRC or the FCA
High pressure to make a payment as quickly as possible - they will contact you most days
Receiving fake emails or an invoice changing the payment details
Being asked to lie to your bank about the reason for your payment, or cash withdrawal - a red flag for a scam
Be mindful of emails you are sending and the information this includes as they can easily be intercepted and changed
Never disclose full security details over the phone
Ask questions and be sure to perform your own research around the contact you have received