Payback_Official’s Post

The latest of our Fraud Files postcast series is now live. In this episode I speak to my partner Jenny Stainsby about APP fraud - what it is, what’s changing, the regulatory focus, and the relevance (or not!) of the FTP fraud offence. #fraud #APP #ECCTA #failuretoprevent https://lnkd.in/e5Ritv8F

🚨 Fraud 🕵🏽♀️ Fighting 💪🏾 Friday! 💥 Peer-to-peer payment methods are as fast and convenient for criminals as they are for consumers. Check out these tips to use them safely. #fraudwatchnetwork #AARPvolunteer

Our commentary on APP Fraud and understanding it is a hot topic.... read what our expert Caroline Greenwell has to say on the benefits of the new regulations and the challenges ahead/potential unwanted consequences of the regime. #appfraud #pushpayment

New Tech Support Scammers Want Your Life Savings. The Federal Trade Commission (FTC) is looking at a new twist on tech support scams. A warning pops up on your computer. It says your computer has a virus and gives you a number to call for help. You often end up paying hundreds of dollars to a scammer who pretends to deal with the fake virus. Now scammers are upping the stakes and instead of hundreds of dollars, people are unknowingly handing over tens or even hundreds of thousands of dollars to tech support scammers. Here’s how: Tech scammers still use fake security pop-ups to get you to call a number. But instead of telling you there’s a virus, they now say someone hacked your bank, investment, or retirement account and is using it for fraud. To “help,” they transfer you to another scammer who pretends to be with a government agency (like the FTC or the FBI) or the fraud department at your bank. The scammer says the only way to protect your money is to transfer it to a new account. The problem is the scammer controls that new account and quickly cleans it out.  Other scammers take the same approach but tell you to “protect” your money by buying gift cards and sharing the numbers on the back, buying bitcoin, and sharing the account information, or withdrawing cash or buying gold and dropping it off to someone in person. Here's what to know: Never call a number on a security pop-up warning. Pop-ups that tell you to call tech support are always scams. Never move or transfer your money to “protect it” without a thoughtful and thorough approach to doing so. Work with your bank(er) in-person or by calling them back at a known number and only after going through property ID verification steps. Never give someone a verification code to log in to your account. Scammers want it to get into your account. Call your real bank(er), broker, or investment advisor if you’re worried and use a phone number you know is legitimate. Learn more about tech support scams at ReportFraud.ftc.gov.

Authorized payment fraud is a serious threat. In the world of fraud and scams, there are many schemes, but none more notorious than these. In this article, we discuss different types of authorized payment fraud and how fraudsters trick people into authorizing payments. - Invoice Fraud - CEO Fraud - Romance Scams - Tech Support Scams We also discuss how authorized payment fraud and scams can be stopped. Read the full article here: https://lnkd.in/gZ4D6fgH #authorizedpaymentfraud #fraudprevention #stopscams #datavisor

The prevalence of APP fraud has led to an increase in regulatory expectations for firms to remedy weaknesses in their systems and controls. In June 2023, the UK’s PSR outlined new requirements for reimbursing victims of APP fraud within the Faster Payments System, which are due to come into force on 7 October 2024. 🗓 As of that date, payment service providers will be required to fully reimburse victims within five business days. We have just updated our APP fraud guide to help you get prepared for the upcoming changes. It includes: ✅ A full breakdown of the new UK requirements ✅ Actionable steps to get prepared Read it now 👉🔗 https://lnkd.in/ecSGnSZW #fraud #fincrime #compliance

📈 Approved Push Payment (APP) fraud is on a rapid rise, with cases increasing by 43% compared to 2023, according to the Financial Ombudsman Service. Of the 8,700 fraud complaints reported between April and June 2024 alone to the organisation, 50% were related to APP scams. 🏦 As the threat escalates, new rules from the Payment Systems Regulator (PSR) will come into effect on 7 October, requiring swift reimbursement for victims from banks. In her latest article, our Head of Economic Crime, Laura Eshelby, delves into the impact of APP scams, the upcoming reimbursement schemes, and the latest fraud prevention innovations. Read more below:

Did you know there are 90 days until our APP fraud reimbursement requirements come into force? 🗓 👉 From 7 October, there will be new consumer protections in place, ensuring that more APP fraud victims than ever before get their money back. 👉 Our requirements incentivise all UK payment firms to prevent fraud from arising in the first place. Find out more about our work to tackle APP fraud, what the new protections will mean, and explore key resources in the lead up to 7 October: https://lnkd.in/dy-ckff

With 90 days until APP reimbursement comes into play, there's still time to reduce the impact on your organisation! FinCrime Dynamics helps banks and payment providers to measure and understand the performance of their fraud controls against current and emerging threats, and to implement new controls. Get in touch with the team to find out more! #appfraud #reimbursement #syntheticdata #intelligence

APP Fraud update: new article by Oliver Fredrickson The introduction of the mandatory reimbursement requirement represents a pivotal development in safeguarding victims of Authorised Push Payment (APP) fraud. This recent measure ensures that victims are reimbursed more swiftly and efficiently, offering them greater financial protection. Additionally, by placing the responsibility on Payment Service Providers (PSPs) to share the reimbursement costs, the regime promotes enhanced fraud prevention practices within the financial sector. As fraud becomes more sophisticated in today’s digital landscape, it's a significant step toward bolstering financial security. You can read more on this recent development, in Oliver's article, here: https://lnkd.in/eiKW4ZUY #FraudPrevention #APPFraud #FinancialRegulation #Fraud #whitecollarcrime #authorisedpushpayment #crime