Posted on Mar 28, 2021
Financial crime can affect any of us in both our work and personal lives. We are taking a closer look at Payment Diversion Fraud – one of the most common types of financial crime – to help you better protect yourself and our business.
Financial Crime is defined as any kind of criminal conduct relating to money, financial services, or markets.
Knowing what to look out for and what action to take can help you to better protect your business from these risks both professionally and personally.
Payment Diversion Fraud
Fraud is the most recognised type of financial crime and ‘payment diversion fraud’ otherwise known as authorised push payment (APP) is a when criminals deceive a victim into transferring money to a scammer instead of the intended recipient. There are three main types:
Payment Diversion Fraud during Covid-19
Sadly, in the current climate, fraudsters are using the Covid-19 pandemic to facilitate Payment Diversion Fraud, using email titles such as ‘vaccine queue jumping’ to attempt to entice people to click on phishing emails.
Several people have also reported receiving phone calls, texts or emails allegedly from banks and/or HMRC (stating tax due is to be paid), and then pressure is exerted to attempt to get the recipient to click on links or give out details, which will then leave them vulnerable to a fraud attack.
Below is some helpful information on how to spot Payment Diversion Fraud attempts at any time.
What to look out for
Much like with cybercrime, fraudsters are getting increasingly more sophisticated in their methods of obtaining information to enable them to carry out payment diversion fraud, but there are some tell-tale signs that you can look out for:
Remember, although letters or emails may have an official company logo at the top, this is often readily available on the internet, it may not still be on official letter headed paper.
Speak to Watkin Davies to find out more about how we can protect you and your business against the financial and reputation impact of fraud. Call us on 02920 626 226 or email insurance@watkindavies.com
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