In this presentation, we talk about the problem of authorized push payment fraud and scams and the lengths spammers go to in order to steal from innocent people. We also have special inputs from the Money 2.0 Conference team on the steps we can take to not be a victim of authorized push payment fraud.
4. ● Authorized Push Payment Fraud is a digital payment fraud wherein fraudsters
lure a business or organization into transferring funds into a fraudulent account.
● Eminent financial summits like the Money 2.0 Conference shed light on such
scams and how scammers use social engineering techniques or directly hack the
digital payment portal to steal bank account details.
● The advent of digital payment platforms, on the one hand, is a blessing to
humankind, but on the other hand, criminals see it as an open opportunity to run
off with the victim’s money in minutes.
● It can be said that Authorized Push Payment fraud is a dangerous threat paying
its way slyly worldwide; as per the recent reports, there has been reporting of
several digital payment fraud attempts escalating the figure by 25%.
6. Impersonation Fraud:
● As explained at global finance conferences, such as the Money 2.0 Conference
Authorized Push Payment impersonation fraud occurs when scammers claim that
they work in the same organization as you and somewhat at a senior position and
then ask you to send some money by creating a sense of urgency.
● A sense of urgency is created, so you don’t question your senior management
about the situation.
● Once you send the asked money to the fraudster’s account, they instantly send all
the money using different channels to make the history untraceable.
7. Fraud Payment Requests
● With the growing need for digital payments amongst citizens, verifying and aligning
an actual payment with a fake invoice created by any scammer to rob out all your
money becomes next to impossible.
● Fraudsters can take the scamming to the next level by phishing scam; the criminal
infiltrates your account and takes advantage of all the imprinted information like the
date, time of the payment, and other credentials involved in the transaction.
● Finance experts share their observations in conferences such as Money 2.0
Conference about how the fake payment credentials are almost indistinguishable
from the real ones.
8. Hacking The Digital Payment System
● Hiding behind hacking the payment system, criminals change the bank account
details by prying into your account.
● Unless the victim is cautious enough and double-checks all the details, the payment
will be made in the wrong account as changed by the hacker.
● Criminals start by installing malware into the victim’s device to drain all the
financial and personal information for their benefit.
9. How To Avoid Fraudulent Digital Payment
Requests?
10. ● When it comes to fighting digital payment frauds such as Authorized Push
Payment fraud, training is the only thing that can help you get through.
● You can attain enough knowledge on how to combat such frauds by attending
financial summits, seminars, and conferences at least once a year. Financial
events like Money 2.0 Conference focuses mainly upon raising awareness and
concerns against fraud.
● Using modern payment methods installed with advanced technology like
machine learning and anti-fraud detection tools can help you stay alert to
fraud payment requests.
In this presentation, we talk about the problem of authorized push payment fraud and scams and the lengths spammers go to in order to steal from innocent people. We also have special inputs from the Money 2.0 Conference team on the steps we can take to not be a victim of authorized push payment fraud.