The UK government wants the finance sector, social media firms and the broader digital ecosystem to help prevent push payment scams (bank transfer scams).
Soon it will no longer be acceptable to call ‘buyer beware’ since the UK government (at long last) wants to legislate to make reimbursement mandatory for APP (authorised push payment) fraud.
Criminals take the easiest route to profit and so as hacking got a bit more difficult the criminals targeted the next weakest link which in this case is us, the humans. You see we are all susceptible and likely to fall for ‘engineered’ messages, fake websites, emails, social media posts, texts and phone calls. The criminals then trick us into sharing personal data, so it becomes easier to fool us into making payments to what appear to be legitimate but are actually criminal recipients.
It is a growing problem, which, according to banking trade body UK Finance, increased by 70% in the first six months of this year, reaching a value of £355m.
If you run a business and are worried about this, then training employees to recognise the signs of ‘social engineering’ is a good step. Also using technology like Lexdech to help identify fake websites etc before it gets too late.
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Author: John Pryor Exalt IP