The examples and perspective in this article deal primarily with the United Kingdom and do not represent a worldwide view of the subject. (January 2023) |
Authorised push payment fraud (APP fraud) is a form of fraud in which victims are manipulated into making real-time payments to fraudsters, typically by social engineering attacks involving impersonation.[1][2] These authorised frauds can also be related to investment scams, where the victim is tricked into sending money for investments that do not exist, and to romance scams, where the fraudster tricks the victim into thinking they are in a relationship.
United Kingdom
editUntil 2019 in the United Kingdom, because the victims of these frauds authorised the payments, albeit mistakenly, they were typically not fully reimbursed by their banks.[3] From May 2019 some victims will receive a refund under the Contingent Reimbursement Model Scheme,[4] a voluntary scheme overseen by the Payment Systems Regulator that provides protections for customers of signatory firms[5] subject to a number of exclusions.
New rules where introduced on 7 October 2024 covering claims for reimbursement for amounts up to £85,000.[6]
References
edit- ^ Tims, Anna (2018-10-17). "If you've been sent bank details by email, be warned". The Guardian. ISSN 0261-3077. Retrieved 2019-01-07.
- ^ Lindsay, Jessica (2018-09-28). "What is a push payment and how to avoid fraud?". Metro. Retrieved 2019-01-07.
- ^ "Refund hopes rise for payment scam victims". BBC News. 2018-09-28. Retrieved 2019-01-07.
- ^ "Consumer protection standards for APP scams". The Lending Standards Board (LSB). Retrieved 24 April 2023.
- ^ "Registered Firms". Lending Standards Board (LSB). Retrieved 24 April 2023. List of banking institutions signed up with the LSB, updated as required.
- ^ HSBC Bank, What is an authorised push payment (APP) scam?, accessed on 30 October 2024
 | This crime-related article is a stub. You can help Wikipedia by expanding it. |