Push payment fraud is on the rise
Push payment fraud is where scammers trick individuals or businesses into transferring money to them, using tactics like fake online shopping deals, investment opportunities, romance scams and impersonation.
To keep yourself safe, verify payment requests independently and report any suspicious activity to us immediately.
In this guide, we’ll take you through the ways you can protect yourself from fraud and the ways we protect you.
What is push payment fraud?
Push payment fraud is a scam where criminals deceive you into sending money to them under false pretences. Push payment fraud is becoming more common, so it’s important to learn how to protect yourself and your money.
Protect yourself from push payment fraud
Here are some tips to help you better protect yourself from falling for this type of fraud:
Pause and reflect: If you’re being pressured into quickly making a payment, stop and think. Ask a trusted friend or family member if you’re unsure. After all, it’s your money and a genuine company won’t mind you checking with someone before making the payment.
Question unusual requests: Is the payment request genuine? Always verify it by independently contacting the company or individual using contact details that you have sourced yourself.
Be sceptical: Be wary of phone numbers, email addresses and messages because scammers can make them appear legitimate. Don’t trust a message or phone number at face value.
Be careful with unexpected calls: If someone contacts you unexpectedly and asks you to move money, share security details or make an urgent payment, end the call and contact the organisation using its official website or another trusted source.
Too good to be true? If an offer seems too good to be true, it probably is. Be cautious of unrealistic promises, guaranteed returns and urgent investment opportunities.
Do your research: Before parting with your money, check independent reviews and confirm that the company is registered with the relevant financial regulator.
By staying vigilant, you can reduce the risk of falling victim to push payment fraud.
Types of push payment fraud
There are a number of push payment scams which could happen. Here are some you should look out for:
Online shopping scams: Scammers lure you into transferring money for non-existent items such as event tickets, clothing or vehicles, often via social media and marketplace sites.
Investment scams: Fraudsters promote fake investment opportunities with unrealistic returns. They may contact you directly, pretend to be from a legitimate company or claim to be endorsed by celebrities.
Romance scams: Scammers create fake profiles on dating sites or social media to trick you into sending money, pretending to be in a relationship with you.
Impersonation scams: Scammers pose as trusted figures, organisations or people you know.
- Safe account scams: Scammers pretend to be your bank, law enforcement or an internet provider and ask you to move money to a “safe” account.
- Government or court impersonation: Fraudsters demand payments for supposed tax debts, fines or legal issues, sometimes threatening arrest or deportation.
- Family and friends impersonation: Scammers hack social media accounts or use new phone numbers to ask for urgent money for an emergency.
CEO fraud: Fraudsters impersonate senior executives and trick employees into making urgent payments.
Invoice redirection scams: Fraudsters hack into business emails and request payments to fraudulent accounts, posing as genuine suppliers or vendors.
Advance fee scams: Scammers ask for upfront fees for services such as loans, lottery winnings or jobs that don’t actually exist. Avoid paying for anything like this upfront.
Stay vigilant and verify requests independently to protect yourself from these scams.
How Altery protects you from push payment fraud
At Altery we work hard to protect you from push payment fraud. Here are some ways we do this:
Real-time fraud detection
Our advanced systems analyse transactions instantly to spot suspicious activities, so we can respond quickly and minimise the impact on you.
Communication
Our Customer Service team is available via messaging or phone. For vulnerable customers or scam victims, our skilled support team provides prompt assistance.
Trusted device feature
When logging in or making payments, you'll need to verify via your trusted device. This reduces the risk of unauthorised access.
Customer education
We regularly update you on how to recognize and avoid fraud through emails, in-app messages and our website.
Staying up-to-date
We stay informed about the latest industry standards and best practices in fraud prevention to ensure your protection is top-notch.
What happens if I report fraud?
If you believe you have been affected by push payment fraud, contact us immediately.
We may ask you for information about the payment, the recipient and the circumstances surrounding the transaction. We’ll review the report and, where possible, may contact the relevant payment service provider or request that a payment is recalled.
The outcome will depend on the circumstances of the transaction, how quickly it was reported and the information available to us. Reimbursement is not automatic for payments that were authorised by the customer, but different legal protections may apply to unauthorised transactions.
We’ll keep you updated throughout the review process and let you know if we need any additional information.
To sum up
Protect yourself by checking payment requests independently, being sceptical of unexpected requests and reporting suspicious activity to us immediately.
At Altery, we use transaction monitoring, trusted device verification and customer education to help protect you from fraud. Your security is our top priority.