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The House of Commons Library has published a briefing paper on action against bank account scams. Authorised push payment (APP) scams are a growing form of financial fraud. An APP scam is where the account holder themselves authorises the payment to be made to another account, believing it to be a genuine supplier or authority (e.g. HMRC). Once the fraud is discovered, the fraudster’s account is empty and the fraudster gone.
The industry, financial regulators and the police are working together to try to reduce its impact. This note outlines some current initiatives including the widely advertised ‘Take Five’ campaign and the banking protocol.