{"id":3725,"date":"2024-11-06T16:14:07","date_gmt":"2024-11-06T16:14:07","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=3725"},"modified":"2024-11-07T12:53:42","modified_gmt":"2024-11-07T12:53:42","slug":"app-fraud","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/app-fraud\/","title":{"rendered":"APP fraud: What is it and how OFWs can avoid it"},"content":{"rendered":"
\n\t
\n\t\t
\n\t\t\t

APP stands for authorised push payments, while <\/span>APP fraud<\/span> happens when an unsuspecting victim loses access to their precious funds by willingly sending money from their account to a scammer\u2019s account. People fall for this scam because fraudsters pretend to be someone a person trusts, like a loved one or a reputable organisation or business. This causes <\/span>APP fraud<\/span> victims to suffer <\/span>heartbreaking consequences<\/span><\/a>, often waiting <\/span>months<\/span><\/a> to recover their savings.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

\n\t\t
\n\t\t\t

According to a recent report by <\/span>UK Finance<\/span><\/a>, a banking and finance organisation in the United Kingdom, <\/span>APP fraud<\/span> has drained accounts of \u20a4459.7 million in the past year. And as more victims continue to come forward, overseas Filipino workers should stay on the lookout for <\/span>APP fraud<\/span>sters\u2014especially now that the Christmas season and the holiday shopping rush are in full swing.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

\n\t\t
\n\t\t\t

To learn more about <\/span>APP fraud<\/span>, how it looks, and what to do if you or someone you know has been scammed, read on.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n

What are the types of APP fraud?<\/h3>\n\t
\n\t\t\n\t\t
\n\t\t\t
\"Illustration<\/div>\n\t\t<\/figure>\n\t<\/div>\n\n\t
\n\t\t
\n\t\t\t

According to the UK\u2019s <\/span>Payment Systems Regulator<\/span><\/a>, there are two types of <\/span>APP fraud<\/span>:<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Malicious Payee<\/h5>\n\t
\n\t\t
\n\t\t\t

This type of <\/span>APP fraud<\/span> fools a person into paying for a fake product or service. For example, a victim visits an online shop to buy a bogus product. After a few days, they realise that the product will never arrive, and the money they used as payment is gone.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Malicious Redirection<\/h5>\n\t
\n\t\t
\n\t\t\t

<\/b> This type of APP fraud involves a scammer pretending to be someone trustworthy to trick a victim into transferring money into a fraudulent account. For example, a supposed bank employee contacts a victim to inform them about the possible closure of their account. To avoid losing access to their account, the victim is told they must make an emergency deposit using a special link. After the deposit has been made, the victim learns there was never an emergency and the \u201cbank employee\u201d they were in contact with has disappeared along with their money.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Some subtypes of APP fraud<\/h5>\n\t
\n\t\t
\n\t\t\t

Under these two types of <\/span>APP fraud<\/span> are more specific subtypes of scams that defraud well-meaning people of their money. These subtypes include but are not limited to:<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

\n\t\t
\n\t\t\t