Authorized Push Payment Fraud: ← Money 2.0 Conference Throws Light On The Prevention Techniques →
← TOC → What Is Authorized Push Payment Fraud? Common Scamming Tactics Used By Criminals
How To Avoid Fraudulent Digital Payment Requests
What Is An Authorized Push Payment Fraud?
● Authorized Push Payment Fraud is a digital payment fraud wherein fraudsters lure a business or organization into transferring funds into a fraudulent account. Eminent financial summits like the Money 2.0 Conference shed light on such scams and how scammers use social engineering techniques or directly hack the digital payment portal to steal bank account details.
The advent of digital payment platforms, on the one hand, is a blessing to humankind, but on the other hand, criminals see it as an open opportunity to run off with the victim’s money in minutes. It can be said that Authorized Push Payment fraud is a dangerous threat paying its way slyly worldwide; as per the recent reports, there has been reporting of several digital
Common Scamming Tactics Used By Criminals
Impersonation Fraud: As explained at global finance conferences, such as the Money 2.0 Conference Authorized Push Payment impersonation fraud occurs when scammers claim that they work in the same organization as you and somewhat at a senior position and then ask you to send some money by creating a sense of urgency.
A sense of urgency is created, so you don’t question your senior management about the situation.
Once you send the asked money to the fraudster’s account, they
Fraud Payment Requests With the growing need for digital payments amongst citizens, verifying and aligning an actual payment with a fake invoice created by any scammer to rob out all your money becomes next to impossible. Fraudsters can take the scamming to the next level by phishing scam; the criminal infiltrates your account and takes advantage of all the imprinted information like the date, time of the payment, and other credentials involved in the transaction. Finance experts share their observations in conferences such as Money 2.0 Conference about how the fake payment credentials are almost indistinguishable from the real ones.
Hacking The Digital Payment System Hiding behind hacking the payment system, criminals change the bank account details by prying into your account. Unless the victim is cautious enough and double-checks all the details, the payment will be made in the wrong account as changed by the hacker. Criminals start by installing malware into the victim’s device to drain all the financial and personal information for their benefit.
How To Avoid Fraudulent Digital Payment Requests?
● When it comes to fighting digital payment frauds such as Authorized Push Payment fraud, training is the only thing that can help you get through. You can attain enough knowledge on how to combat such frauds by attending financial summits, seminars, and conferences at least once a year. Financial events like Money 2.0 Conference focuses mainly upon raising awareness and concerns against fraud. Using modern payment methods installed with advanced technology like machine learning and anti-fraud detection tools can help you stay alert to fraud payment requests.
Thank You! This Presentation Is Prepared By
Vinayak Joshi, Manager, Money 2.0 Conference