When managing electronic payments, it is important to be aware of potential fraud.
APP Scams
Authorised Push Payment (APP) scams involve persons whos conduct is fraudulent or dishonest ,with the aim to deceive or persuade you into transferring funds to a third party account where;
- The beneficiary is not who you intended to pay
- The payment is not for the purpose that you intended
APP Fraud Reimbursement
Victims of APP Fraud who have sent funds via the Faster Payment Systems (FPS) can be reimbursed when;
- They are Private Individuals
- They are Microenterprises. A business with an annual turnover and/or balance sheet less than €2 Million (Or £ equivalent) and employs less than ten people.
- Charities whose annual income is less than £1 Million.
Avoiding APP Scams
If anyone asks you to divert a payment or move your monies – question it to the highest level. Make sure you phone the bank or firm directly and check on any changes to payment details. Don’t rely on emails – they could be intercepted.
Never rush a payment, as a genuine organisation won’t mind waiting.