Authorized push payments have been a blessing in disguise for businesses and consumers during the pandemic. However, many scammers and spammers are employing fake schemes to defraud people of their money using this method. This presentation by the Money2Conf reviews and highlights a few steps that we can take to protect our assets.

1. Authorized Push Payment Fraud &
Scams
A Review Of The Issue

2. What Is Authorized Push Payment Fraud?
Authorized push payment fraud and scams have increased in the recent months,
mainly due to the growth of cashless transactions.
Explained simply, authorized push payment scams involves fraudsters convincing
customers or businesses to send them real-time payments by offering incredible
discounts or by impersonating someone. Since such transactions are not revocable, the
fraudster is able to make a run with the money until the victim realizes that they have
been scammed.

3. Warning Signs
As reviewed by cybersecurity analysts, here are a few red flags that you should be
aware of:
● Strange payment and transfer requests, such as asking you to pay in another
currency. It may be a scam.
● Spam emails to your work ID that claims you need to make a payment ASAP.
They may include your organization’s name in their email address to look
authentic. Stay away from such fakes.
● Duplicate invoices and payment orders, i.e. you may get an invoice that looks
similar to your vendor’s monthly document. But there are minor anomalies that
prove it’s a fake.

4. Steps To Protect Yourself

5. Stay Up To Date
As reviewed, your vendors and service providers often send
you notifications when there are instances of scams and
fraud floating around. Take note of these scams and make
sure that you bring strange transaction requests to their
notice before you pay.

6. Pause
Take some time to verify whether the payment request is
actually a legitimate one. If you have gotten one through a spam
email, steer clear of them! Do not let them use high pressure
tactics and fake offers to get you to pay ASAP.

7. Report Them
If you think that you have been defrauded and fallen prey to such fake
schemes, contact law enforcement agencies as well as your bank as
soon as possible. There is a high chance that your sensitive financial
information may have been compromised. If you believe the worst has
happened, ask your bank to freeze your account activity.

8. THANK YOU!
Reviewed & Prepared By:
Yash Dogra,
Manager, Money 2.0 Conference
https://www.money2conf.com/