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

Other News

Suitability Key to Expat Retirement Transfers

YesExpat retirement transfers have the potential to play a critical, and beneficial, part of an expat’s financial planning. However, this is only if the process is undertaken in a considered fashion with reliable, regulated and trustworthy advice that investigates all of the options, including the possibility of a QROPS or SIPPs transfer.

The Financial Conduct Authority (FCA) knows this better than anybody and has recently flagged its concern that too many firms are providing unsuitable pension transfer advice. This followed the publishing of a report in which the FCA found less than half of all pension transfer advice was fit for purpose.

Read More

French QROPS can help protect from currency fluctuations

Given the financial and political situation in Britain and Europe right now it is likely that more and more British people will look to move their pensions out of Britain, with a QROPS in France possibly the most popular potential option.

Over recent weeks the value of Sterling has taken a significant plunge resulting in significant rises in living costs for those reliant on the currency for most or all of their spending needs.

Inevitably, this means that many have had to reconsider their wealth management and financial planning strategies. Against this backdrop it is easy to see why experts are predicting a spike in the numbers of people taking advantage of a .

Read More

Select your country

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

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.