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It wouldn’t happen to me? – APP Fraud

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It wouldn’t happen to me? – APP Fraud

Published: October 29, 2024

 

Have you ever received a call, text, or email urging you to make a payment urgently? It might have seemed legitimate, but what if it wasn’t? This is where APP fraud (also known as Authorized Push Payment Fraud) comes in.​

Imagine this:

You receive a call claiming to be from your bank. They say your account has been compromised and you need to move your money to a “safe” account immediately! Feeling panicked, you follow their instructions. Unfortunately, this “safe” account belongs to a scammer, and your money is gone.​

How to Protect Yourself?​

Here are some simple things you can do to avoid falling victim to APP fraud:​

  • Double-Check Before You Send:​ Always verify the recipient’s details before making a payment. Look for Confirmation of Payee (CoP) services when available – these help ensure you’re sending money to the intended person or business.
  • Never Share Confidential Information Unsolicited:​ Banks and other legitimate organizations won’t ask for your personal or financial information over email, text message, or phone unless you initiated the contact.​
  • Be Wary of Urgent Requests:​ Scammers often create a sense of urgency to pressure you into making a quick decision. Take your time, and don’t feel pressured. If something feels off, it probably is.
  • Remember:​ Don’t be afraid to say “no” and hang up if something feels suspicious.​

 

Learn More:​
Check out our blog for even more tips and examples of APP fraud scams.​ 

If you think you’ve been targeted: report it here.