New Voluntary Code for Banks to Repay Victims of Push Payment Scam

There is finally some hope for the thousands that have fallen victim to so called 'push payment' scams with the announcment of a new voluntary code for Banks. Push Payment scams are where a fraudster seems to highjack emails and ask people to pay an outstanding bill or invoice to a different Bank Account. The account in question is owned by a fraudster.

These emails seem legitimate as often they appear to be from and existing supplier or person who you or your company owe money to.

This type of Fraud is increasing and the amount of phishing emails we are all receiving is growing.

There are some very basic tips we, as users can do to try and avoid these traps. Whether in our private life or at work.

1. If an email is received, even from someone you know saying they have temporarily or permanently changed Bank Accounts do not accept this and call the person to check. This is the same whether for work or privately.
2. Companies such as Microsoft, Google, Amazon, Banks, HMRC do not send emails telling you your password is about to expire and follow this link to reset. This link will take you to a Website which will ask you to enter your existing password and then your new one. It is the existing one they are after, which they record. The fraudster will then have access to your account and can intercept your emails.
3. If in any doubt about the legitimacy of an email, delete it. If the request for a password change is legitimate the next time you try to logon to the particular account, you can reset it then. If the request for payment is legitimate the person or company will call to chase.
4. Never click on a link within an Email unless you are absolutely certain it is legitimate. If you are concerned open a Web Browser and go to the site directly. Do not copy the URL from the email.

The more vigilant we all are the less the fraudsters will get away with.

If you are a company, there are additional layers of security you can use but for private people these tend to be expensive, so vigilance is the key.

Read more on the BBC: https://www.bbc.co.uk/news/business-45664980

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