Authorised push payment (APP) fraud occurs when a fraudster tricks a consumer or business into making a payment to an account under their control. It’s making waves in the consumer world, which accounts for the majority of the £354.3 million lost to these scams in 2018, according to UK Finance.
However new protections brought in for individual victims of APP fraud don’t apply to businesses. This is important, because once a scammer has your money, there’s little you can do to get it back.
APP fraud cost UK firms £126 million in 2018, and is becoming an increasingly popular way to target B2B transactions.
Businesses need to consider not just the direct losses associated with wiring corporate funds to a fraudster, but other possible impacts to their organisation.
This article focuses on the emergence of APP fraud, why businesses are vulnerable and the steps they can take to mitigate the risks.