Authorized Push Payment (APP) Fraud
What is APP Fraud?
APP fraud happens when a scammer tricks you into authorizing a payment to their account, often by pretending to be a trusted individual or organization, like your bank or a company.
How it Works:
Scammers contact you through phone calls, emails, or texts, convincing you to transfer money by claiming there’s suspicious activity on your account, or that you owe a payment. Since you authorize the transfer, recovering funds can be difficult.
How to Prevent it:
- Verify payment requests by contacting the person or company directly.
- Never transfer money on demand, even if the request seems urgent.
- Be cautious of unsolicited contact asking for payments or personal details.
- Set up alerts with your bank to monitor large transfers.
