Authorized Push Payment Fraud & Scams A Review Of The Issue
What Is Authorized Push Payment Fraud? Authorized push payment fraud and scams have increased in the recent months, mainly due to the growth of cashless transactions. Explained simply, authorized push payment scams involves fraudsters convincing customers or businesses to send them real-time payments by offering incredible discounts or by impersonating someone. Since such transactions are not revocable, the fraudster is able to make a run with the money until the victim realizes that they have been scammed.
Warning Signs As reviewed by cybersecurity analysts, here are a few red flags that you should be aware of: ● Strange payment and transfer requests, such as asking you to pay in another currency. It may be a scam. ● Spam emails to your work ID that claims you need to make a payment ASAP. They may include your organization’s name in their email address to look authentic. Stay away from such fakes. ● Duplicate invoices and payment orders, i.e. you may get an invoice that looks similar to your vendor’s monthly document. But there are minor anomalies that prove it’s a fake.
Steps To Protect Yourself
Stay Up To Date As reviewed, your vendors and service providers often send you notifications when there are instances of scams and fraud floating around. Take note of these scams and make sure that you bring strange transaction requests to their notice before you pay.
Pause Take some time to verify whether the payment request is actually a legitimate one. If you have gotten one through a spam email, steer clear of them! Do not let them use high pressure tactics and fake offers to get you to pay ASAP.
Report Them If you think that you have been defrauded and fallen prey to such fake schemes, contact law enforcement agencies as well as your bank as soon as possible. There is a high chance that your sensitive financial information may have been compromised. If you believe the worst has happened, ask your bank to freeze your account activity.
THANK YOU! Reviewed & Prepared By: Yash Dogra,
Manager, Money 2.0 Conference https://www.money2conf.com/