Mark Kenkre looks at new models of online banking fraud

An Authorised Push Payment Fraud (APPF) occurs when an individual is tricked into making a payment from their bank account into an account controlled by a fraudster, who often purports to be a representative of a legitimate organisation such as the bank, a contractor or even the police.

Fraudsters target victims in many ways, and the introduction of online banking has made APPF more appealing to criminals as the transfer of money can happen in real time. This means fraudsters can instantly move funds across multiple accounts which makes tracing and recovering the payment increasingly difficult.

It couldn’t happen to me…

The following are the most common types of APPF incurred in the UK:

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