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March 26, 2021

On the web

APP Fraud Continues to Rise As Criminals Target Bank Customers Online

Finextra Research

“The amount of money lost to victims of authorised push payments fraud in the UK rose to £479 million in 2020, as criminals used the Covid-19 pandemic to target people online. The APP fraud losses documented by UK Finance are up five per cent on the previous year, with the number of cases increasing by 22% to almost 150,000 in 2020.Banks were able to return £206.9 million of the losses from APP fraud to victims, over three quarters more than the sum returned in 2019.”

October 12, 2020

On the web

When Your Last $166 Vanishes: ‘Fast Fraud’ Surges on Payment Apps


“In the pandemic, people have flocked to instant payment apps like Cash App, PayPal’s Venmo and Zelle as they have wanted to avoid retail bank branches and online commerce has become more ingrained. To encourage that shift, the payment apps have added services like debit cards and routing numbers so that they work more like traditional banks. But many people are unaware of how vulnerable they can be to losses when they use these services in place of banks. Payment apps have long had fraud rates that are three to four times higher than traditional payment methods such as credit and debit cards, according to data from the security firms Sift and Chargeback Gurus.”

November 27, 2019

On the web

Fraud Fund Used to Pay Back Bank Scam Victims to Be Extended to March

This is Money (UK)

“A central fraud pot used to pay back blameless bank transfer scam victims which was due to run out of money at the end of the year will now be funded until the end of March. Seven banks, which account for the vast majority of UK current account customers, agreed in May to cover a refund system which would reimburse victims of authorised push payment scams in instances where neither the victim nor the bank was to blame.”

November 15, 2019

On the web

November 6, 2019

November 5, 2019

On the web

UK Lawmakers Want Bank Payments ‘Speed Bump’ to Stop Scammers | The Chronicle Herald

The Chronicle Herald

“A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, UK lawmakers said in a report on Friday. Parliament’s Treasury Select Committee said fraudsters stole over 600 million pounds ($777 million) from consumers in the first half of 2019 and regulators must crack down harder on scammers. With money transfers between accounts taking just seconds, customers or their bank have little time to be aware that a fraud has taken place, the report said. It recommended a mandatory 24-hour delay on all initial or first-time payments, while all future payments to that same account would be at normal speed.”

September 30, 2019

Top Post

Number of Bank Transfer Scams in UK Rises by 40% in a Year

the Guardian

“The amount of money stolen by criminals through bank transfer scams has risen by 40% in a year and is running at more than £1m a day, according to official UK data. Scammers stole £616m from UK bank customers during the first six months of 2019, according to banking body UK Finance . Of this total, £207.5m was lost to scams in which people were duped into authorising a payment to an account controlled by a criminal. This was up 40% on the £148.2m figure for the same period in 2018, although UK Finance said the year-on-year numbers were not directly comparable.”

May 28, 2019

On the web

New APP Scam Protection Code Comes Into Force

FinTech Futures

“Driven by the Payment Systems Regulator (PSR) and developed by consumer groups and the industry, the code offers more protection than ever before for those exploited by criminals. APP scams occur when consumers are tricked into making an authorised payment to a fraudster. From now on, participating banks will decide whether to reimburse the victim within 15 working days. Unsatisfied customers can refer the matter to the Financial Ombudsman Service, regardless of whether their bank has signed up to the code.”

November 20, 2018

On the web

November 1, 2018

Top Post

Authorised Push Payment Scams – A new approach


“With UK Finance reporting a £92.9 million loss to consumers in the first half of 2018 as a result of Authorised Push Payment (APP) scams, the APP Scams Steering Group (the Steering Group) have published a draft voluntary code (the code). APP fraud is characterised by a transfer of funds executed across Faster Payments, CHAPS or an internal book transfer, authorised by a customer where they are either: deceived into transferring the funds to a different person, or where they believe they transferred funds for a legitimate purpose when it was, in fact fraudulent.”

October 30, 2018

On the web

October 18, 2018

On the web

Name checks to begin on bank payments


“The name of someone receiving a payment will be as important as their banking details for the first time from next summer, in an attempt to combat fraud. At present, anyone wanting to transfer money enters the intended recipient’s name, account number and sort code. However, the name is not checked. Under plans from the UK’s payments operator, the sender will be alerted if the name does not match the account. Banks have been accused of dragging their heels in introducing the system.”

October 10, 2018

Top Post

UK Finance proposes payments tax to compensate fraud victims


“Banking lobby UK Finance has floated the idea of imposing a universal tax on funds transfers which banks could dip into to compensate victims of push payments fraud. Push payments fraud, which happens when businesses or individuals are conned into sending money to a fraudulent account to pay for goods or services, has become a political hot potato in UK financial circles.”

September 25, 2018

Top Post

Scammers steal £500m from UK bank customers in six months


“Criminals stole more than £500 million from UK bank account holders in the first half of 2018, according to industry figures. Bank trade group UK Finance says that £145 million of the losses were down to authorised push payment (APP) scams, where crooks trick victims into sending money to another account. The remaining £358 million was lost in unauthorised fraud, where fraudulent transactions are made without the bank account holder’s knowledge. UK Finance says that despite the losses, the industry managed to prevent over £700 million in unauthorised fraud.”

September 5, 2018

On the web

August 24, 2018

On the web

August 17, 2018

On the web

May 1, 2018

Top Post

Mexican banks moved to alternative network as hackers target real-time payments system


“The alarm was sounded by the Mexican central bank on Friday, reporting that three banks experienced “incidents” when operating the SPEI, Mexico’s interbank electronic transfer system. The bank stressed that no client money was lost as a result of the attack and the system continued to operate as normal. The banks targeted were moved to an alternative network which would result in delays in transferring cash from the usual 1.9 seconds to hours.”

April 30, 2018

On the web

Mexican Banks Targeted in Cyber Attack


“Cyber attackers attempted to penetrate Mexico’s electronic payment systems Friday, forcing three banks to enact contingency plans, according to people familiar with the matter. Three banks experienced “incidents” in recent days when operating the SPEI, Mexico’s interbank electronic transfer system, and will be connecting to the central bank’s network under “contingency schemes,” Banco de Mexico said in a statement Friday evening. That could cause delays in money transfers, according to the statement, which noted that the central bank’s SPEI infrastructure and client money haven’t been affected.”

Uncovered: cruel scam so slick even the vigilant can be duped

The Guardian

“In 2017, UK bank customers lost more than £236m in so-called “authorised push-payment scams” where individuals are deceived into transferring money into a fraudster’s account. The scammers usually start with a phone call purporting to be from the police or a bank, or with an email from a cloned address masquerading as a payment request from a genuine conveyancing solicitor or trader employed by the victim.”

On the wires

Account Holders Gain Greater Control, Visibility Over Real-Time Payments and Same-Day ACH Credits with ACH Alert’s Newly Launched PRO-TECH Services

“With PRO-TECH RT, account holders can establish parameters for incoming real-time payments and determine what conditions should prompt an alert. The alert, which can be sent via text, email or both, provides visibility on the status of the payment. Additionally, account holders can set up in advance an approved or blocked list based on factors such as payment amount, frequency, sender and start/end dates to automatically manage future payment decisions in real time.”

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