Most people can be under the impression that they are only susceptible to fraud while transmitting money and ignore other methods like APP Frauds. In addition to making sure you are using a reliable and secure money transfer site, you need make sure your financial information is protected and does not end up in the hands of scammers.
Financial scams reportedly saw a significant increase in the first half of 2019. Financial scams increased by over 40% in the UK alone, with the bulk being authorised push payment (APP) frauds. Approximately 84 thousand people were victims of these thefts in 2018, which cost over £354.3 million.
What is an APP Fraud?
Authorised push payment fraud is a type of fraud in which victims are tricked into sending real-time payments to scammers, frequently through impersonation social engineering tactics.
Calling sick people and posing as representatives of the National Health Service in order to fool them into sending money or disclosing sensitive financial information is one of the most inventive strategies scammers are now employing in the UK (NHS). These con artists even use phoney NHS phone numbers to trick victims into thinking they are real government representatives. Once you fall for their trick, they request a “small charge” or your banking information. A recent victim, who was 80 years old, shared her bank information and lost over £5000 in just 36 hours. Always keep in mind that the NHS typically does not charge the patients, and you can be certain that it never requests financial information via phone calls or emails.
Tips to detect NHS Scams
- You should be able to identify it’s a scam only by the fact that you received a call from someone posing as an NHS representative.
- The con artist wants to offer you a phony NHS item. Never forget that the NHS never sells anything.
- Officials from the NHS don’t frequently phone patients, never ask for financial or personal information, and never request your address so they may see you in person. If any of that occurs, you may be certain that a con artist posing as an NHS representative was responsible.
HMRC or Tax Scams
A call from Her Majesty’s Revenue and Customs (HMRC) regarding tax refunds sounds exciting, and is often welcomed. You should be aware, though, that neither the HMRC nor any other tax authority calls nor texts its residents with such information. The HMRC, at least, does not, so you must refrain from disclosing any information or clicking on any links sent to you by anyone posing as HMRC.
Tips to detect HMRC or Tax Scams
- You may be certain that a fraudster is attempting to con you if an HMRC agent phones or contacts you and requests your financial or personal information.
- WhatsApp is never used by HMRC, but scammers do.
- The tax payer’s financial and contact information will never be requested by HMRC by text, phone, or email.
- You receive a text message or a PDF with a link that you must click in order to access in order to receive a tax rebate or refund. Keep in mind that the HMRC never sends links, and you must refrain from clicking on them because they can lead to a phishing website.
The elderly or the lonely are frequently the targets of romantic frauds. The victim of a scam is frequently led to believe that regular communication and a virtual relationship exist. These fictitious partners would ask for financial assistance after a set amount of time, when the con artist feels that he has gained the victim’s trust. Although some may find this absurd, romance scams cost the UK more than £12.6 million in 2018.
Tips to detect Romance scams
- You shouldn’t blindly believe your internet sweetheart because online profiles are rarely authentic.
- Never give in to someone’s request for money if you haven’t met them in person. A direct request for money transfer made under false and deceptive pretences constitutes a financial scam, as does an indirect effort to coerce or con the target into disclosing private financial information. Although financial frauds can take many different shapes, the scammer’s ultimate objective always stays the same: to loot the victim.
- Never forget that banks and other financial institutions will never request your personal or financial information via phone, text, or email. Due to rules governing financial institutions, such as the KYC norms, which call for them to gather all relevant information as part of the account opening procedure, this is the case. We advise you to read this in order to learn more about financial frauds and how to spot them.
ATLMoney is a payment platform trusted worldwide. With our office in London, the United Kingdom, we handle thousands of transactions daily, making your money transfers transparent and secure for everyone.
So why not put a smile on your loved one’s face today by sending money with ATL Money?