Cyber crime: online payment fraud (APP)
APP fraud is a form of cyber-crime whereby the fraudster coerces or tricks an individual or paying party into making an authorised payment into an account that is ultimately controlled by the fraudster.
There are two main types of APP:
‘Malicious misdirection’ APP scams: these frauds are very common and are based upon victims’ beliefs that they are paying a known and legitimate payee. They are instead tricked into making a push payment into a scammer’s account.
‘Malicious payee’ APP scams: These are probably the most regular form of payment fraud and currently costs consumers millions of Euros per annum. Victims make a push payment, typically in return for promised goods or services, to people they believe are legitimate but who subsequently turn out to be scammers. The goods or services never materialise and the consumer is left with a total financial loss.
Our specialist team has formulated a bespoke product to help us recover money stolen through cyber fraud.