Justice Is On Its Way
Have you ever unintentionally sent money to someone else’s account? You might be a victim of an authorised push payment scam if this is the case. Unfortunately, push payment fraud is all too frequent, and people become a victim of that every now and then. Continue reading to find out how this kind of fraud operates and what precautions you can take to stay safe.
Authorized push payment fraud, also known as bank transfer fraud, happens when victims transfer money from their bank accounts to a scammer’s account. For instance, a scammer might pretend himself as a member of your mobile phone provider’s security staff. They’ll advise you to deposit money into a safe account in order to pay your payment on time and prevent late fines. Since the scam victim technically approved these real-time transfers, it could be challenging to get your money back.
Why would you send money to a bank account belonging to a stranger? Push payment fraud uses just enough individualised information to make you believe the scammer is genuine. In order to appear credible, fraudsters arm themselves with personal information. They might gain access to their target’s bank or email account information and note the kinds and timings of payments the person typically makes.
Here are a few more examples of authorised push payment fraud, in addition to the property scheme previously mentioned:
The fraudster provides just enough information through hacked emails to make their requests for money look authentic. When you make a payment, it automatically and instantly transfers to your bank account.
Push payment scams were prevalent in the past since victims had few options for getting their money back. Fortunately, the voluntary authorized push payment scam code has made it simpler to obtain a refund for an authorised push payment.
Call your card company or bank as soon as you suspect fraud, just like you would with any scam. The bank might be able to halt the transfer or recover the funds if you act quickly enough.
You should call the recipient’s bank after you’ve spoken to your own bank. The bank account number and any additional identifying information you can obtain will be required.
Escalate the problem You can file a formal complaint with your bank if you feel you followed all the necessary processes but have still had no luck securing a refund from your bank.