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Payment fraud: Millions lost in money transfer trick

Payment fraud: Millions lost in money transfer trick
From BBC - March 15, 2018

Victims of a fraud which leads them to transfer money to a con-artist are typically losing nearly 3,000 each, new figures show.

The cost of so-called authorised push payment fraud has been calculated by UK Finance, the banking trade body.

A total of 236m was lost last year, with banks unable to return nearly three-quarters (74%) of the money lost.

Victims think they are transferring money to someone official, such as a solicitor.

They often occur when people transfer money during a housing transaction, or when paying an invoice for work done on the home.

The fraudsters may have intercepted mail or hacked emails, then pose as the legitimate business by sending a payment demand.

Legal back-up

This is the first time such calculations have been made by UK Finance, showing that there were 43,875 reported cases of these scams.

How to protect yourself against "push" fraud

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