Bank Fraud – Make sure you are protected

Criminals are devising ever more sophisticated ways to commit bank fraud, with incidents of  authorised push payment (APP) scams on the rise.

When payments have been authorised by customers, banks and financial institutions are not generally liable to make refunds, even where the customer has been tricked into paying the wrong recipient. People who have been conned into authorising their bank to pay a fraudster could, however, find it easier to get compensation under plans being put together by the Payment Systems Regulator.

Account holders should always take care to protect themselves to avoid this type of situation. Financial Fraud Action UK has offered the following advice:

  • Never disclose security details, such as your PIN or full banking password.
  • Don’t assume an email, text or phone call is authentic.
  • Don’t be rushed – a genuine organisation won’t mind waiting.
  • Listen to your instincts – you know if something doesn’t feel right.
  • Stay in control – don’t panic and make a decision you’ll regret.

If you have been the victim of an online scam please contact one of our team immediately for advice.