What is Authorized Push Payment Fraud
APP fraud is a type of scam where criminals trick individuals or businesses into sending money to a fraudulent account. Unlike other types of fraud, the victim voluntarily authorizes the transfer of funds, often through online banking or over the phone. Examples of APP fraud include:
• Invoice Fraud
• Investment scams
• Romance scam
In the UK, The Payment Systems Regulator (‘PSR’) introduced a reimbursement requirement on Payment Service Providers (‘PSP’s’) for confirmed Authorised Push Payments (APP) frauds. Please see FAQ’s for pertinent information relating to APP Fraud Scams and Reimbursement Rules.
App Fraud Scams and Reimbursement Rules: FAQs
If you are a TransferMate customer based in the UK and suspect that you may have been a victim of APP fraud, please contact our Fraud team here.
