Authorised push payment – APP fraud – where fraudsters trick you into forwarding money from your account to theirs – cost consumers more than £207 million in the first half of 2020, according to UK Finance, the trade body representing financial firms.
According to experts at GBG, a company that specialises in identity data intelligence, APP is highly effective, trending upwards and may be the biggest threat to consumers in 2021.
Gus Tomlinson at GBG explains: “Imagine a fraudster hacks your information and then, when you go to make a significant payment for a deposit, say, you are phoned or emailed by the fraudster who gets you, as a willing victim, to voluntarily transfer the money – but to the wrong destination account.
“We always think organisations check the identity of consumers to stop fraud, but it is equally important for consumers to be certain of what they are doing before they take any action.”
Homebuyers looking to take advantage of the Stamp Duty Land Tax (SDLT) holiday that ends on 30th September 2021 should be especially vigilant when moving money. UK Finance advises buyers to always follow-up on emails asking for personal financial information with a phone call to the alleged senders.
If you think you have been affected by APP fraud or other fraudulent activity we can help, contact MCC Accountants and speak directly to a one of our Forensic Accountants 0161 70701500. Or visit our contact page and complete the contact form.
All matters will be dealt with in the strictest confidence and we will not share your details with anyone outside of the company.