Contact

News & Insights

News Wrap – APP Scams Guidance

What is APP fraud?

An APP scam is when a fraudster dupes a victim into making a large bank transfer into their account.

APP scammers typically pretend to be the victim’s bank, building society, pension provider or other trusted organisation. They usually exert pressure, claiming that there is an urgent need for the transfer of money to occur quickly.

The scam victim then authorises the payment/transfer and the money is directed into the scammer’s account.

What did the Treasury Select Committee say?

Rushanara Ali MP, led the Committee and commented, “With scams getting ever-more sophisticated, it’s clear that economic crime is a serious and growing problem in the UK.

“To ensure that consumers are protected, it should now be compulsory for financial firms to reimburse money lost to victims of Authorised Push Payment fraud, and they should consider doing so retrospectively.

“There should also be a mandatory 24-hour delay on all first-time payments, allowing consumers time to consider the risk that they are being defrauded.

“The Government and regulators should take on board all of the Committee’s recommendations to enhance consumer protection in the face of this harmful tide of criminal activity.” **

Avoiding APP fraud

Your bank, building society or other financial institution will almost certainly be able to provide specific information about how you can avoid fraudsters. However, as a general rule of thumb you should never transfer money from your bank or building society account, expat pension fund or other cash source without first ensuring that you have verified the transaction’s necessity.

Furthermore, never rely on emails, texts or unsolicited phone calls; genuine providers will never facilitate or demand a transaction via these methods and they will never ask you for your pin or identification details if they have contacted you.

Lastly, if you are an expat, you may face additional levels of uncertainty when faced with a possible APP scam. This is because, being outside of the UK, you may have additional concerns; scammers may sense this and look to exert additional pressure. You should never rush a payment; always double check the details of the request independently with your institution before making a transfer.

Secure your future wealth with Blacktower FM

Blacktower Financial Management works to ensure that our clients have the tools, knowledge, products and advice they need to meet their and expat pension and retirement goals.

For more information about saving for your retirement, structuring, securing and growing your wealth, including any cross-border assets, contact your local Blacktower office today.

*https://www.ukfinance.org.uk/system/files/Half%20year%20fraud%20update%202019%20FINAL.pdf Accessed 28-11-19

** https://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/news-parliament-2017/economic-crime-report-published-19-20/ Accessed 28-11-19

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Quality insurance top priority for expat employees

PriorityAs an expat, choosing a robust life insurance policy, as well as medical insurance, can provide help to reassurance that you and your loved ones will be cared for should the worst happen. And recent research has highlighted just how valued such policies are.

A new survey from Bupa Global has found that such policies are amongst the items expats expect most from their employer when they move to work overseas.

Bupa Global questioned 150 senior human resource directors and 1,851 globally mobile employees. The international health insurer’s research showed that expats are putting an increasing demand on their employers to provide them with more health and wellbeing benefits.

Read More

Female Finance: International Women’s Day

International Women's DayInternational Women’s Day (IWD) “is a global day celebrating the social, economic, cultural and political achievements of women”, a sentiment we are delighted to endorse.

It is no secret that the financial services industry has traditionally been viewed as something of an “old boys’ club” – but this is changing as we see more women climb the career ladder in prominent financial companies across the world.

We spoke to some of the tenacious women in our organization, all of whom are happy to be blazing a trail for women in finance, about their thoughts on working in such a male-oriented industry, and what advice they had for other women starting out.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: