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    Authorised Push Payment scams labelled the most common scams – fraud and scam complaints to the Financial Ombudsman on the rise

    15:53, 26/4/2024

    Home » News & Knowledge » Authorised Push Payment scams labelled the most common scams – fraud and scam complaints to the Financial Ombudsman on the rise

    Authorised Push Payment (APP) fraud or scams are the most common type of financial scam in the UK, and it is as simple as tricking someone into sending money under false pretences.

     

    What is APP fraud?

    APP fraud or scams typically happen when fraudsters manipulate their victims into making payments under false pretences. They are called ‘authorised’ as they depend on the victim voluntarily transferring the money.

    There are different types of APP fraud, the most common ones are:

    • Impersonation scams – This is when fraudsters impersonate a legitimate person or company to trick people into sending them money.
    • Purchase scams – With this type of scam services or goods are offered at a price but never materialise.
    • Romance scams – This happens when scammers form a relationship with their victim before requesting money.
    • Investment scams – With this type of scam, fraudsters are able to convince victims to ‘invest’ with the promise of high or guaranteed returns.

     

    Authorised Push Payment scams

     

    Financial Ombudsman complaints

    The Financial Ombudsman Service is seeing a huge increase in fraud and scam complaints.

    The FOS say that the uphold rate for fraud continued to remain higher than the Financial Ombudsman’s average for all financial products and services, which is 35%. The uphold rate for all fraud and scams is 45%.

     

    How to spot an APP scam

    If you think you might be being scammed, ask yourself the below questions:

    • Have I been contacted out of the blue?

    Cold calls or unexpected correspondence may be a cause for concern, especially if you are being asked to give personal information or make a payment.

    • Have I been asked to share personal or bank details?

    You should not share any personal or bank details with anyone if you are not 100% certain that they are who they say they are.

    • Is the offer or service too good to be true?

    If a deal seems too good to be true, it probably is. A scam will often present high returns for little financial commitment.

    • Am I being pressured into making a decision?

    Don’t let anyone, especially scammers and fraudsters, pressure you into important decision making. It’s okay to take some time to think things through. Genuine companies should always allow time for you to make an informed decision.

     

    I think I am a victim of a fraud or scam, can I get my money back?

    There are options available to recover your money. Recovery of the money can be sought from the financial institution that should have prevented the fraud. In some instances, there may also be other regulated firms involved who also could have detected the fraud and issued a warning.

    You can attempt to recover the funds yourself without legal representative however there are benefits to having instructed Oakwood Solicitors to do this for you. We are a regulated firm of Solicitors, with over 20 years’ experience in financial mis-selling claims.

    By using a solicitor who is a specialist in financial mis-selling claims, we aim to take the hassle out of the claims process as we do all the hard work for you.

     

    Further reading

    Financial mis-selling – Oakwood Solicitors

     

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