Monese’s Post

In today's rapidly evolving digital world, the rise of scams and fraudulent activities poses a notable threat. Consumer rights expert Martyn James highlights the different types of frauds and offers guidance for individuals who might fall victim to such schemes. A significant surge in fraud can be attributed to new digital technologies, which enable scammers to propagate mass spam and fake communications efficiently. With society increasingly reliant on online services for essential transactions, the vulnerability to scams has heightened. Fraudsters are adept at exploiting both current events and legitimate service demands, making it easier for them to deceive individuals. The statistics are alarming: UK residents alone have seen nearly £341 million lost to push payment scams, while overall financial fraud losses hit £1.17 billion last year, with £1.2 billion successfully thwarted. In the unfortunate case of falling victim to fraud, immediate actions can mitigate the damage. Victims should promptly contact their bank, card provider, or e-payment service. Hanging up on potential fraudulent calls and using only official contact details is crucial. For urgent help, the Stop Scams number – 159 – is available. Once fraud is reported, processes like chargebacks and disputed transactions can be quickly initiated. Promptly reported low-value frauds often result in refunds, whereas high-value frauds may undergo further scrutiny before any reimbursements are made. Particularly concerning is Authorised Push Payment

TELEPHONE FRAUD The number of “Nuisance” calls has risen in recent years from 21% to 40%, and according to OFGEN, nearly 40% of Scams start with a phone call. These scams involve fraudsters trying to gain your personal and financial information, and are often referred to as “Vishing” – an amalgamation of “Voice” and “Phishing”. Very often the fraudster has disguised their call identity by using an apparently legitimate number so appearing genuine; this is known as “Spoofing”. If you do receive a call from a company which is not expected then just hang up, wait for 10 minutes or so, or use another phone, and then call the real company back on a listed number from their website or letterhead. Common Phone Call Scams  Technical Support scams - They may impersonate a company such as Microsoft or BT, and tell you there is a fault on your computer or Broadband. They then probably will ask you to download remote access software to gain access to your computer, or else install Malware on your computer.  Impersonation Scams - Typically these may claim to come from your “Bank Fraud Department” telling you that your account or bank cards have been compromised and you need to transfer money to another so-called Safe Account, from where it vanishes. Similarly, calls may come from fraudsters masquerading as a Police Officer, Utility Provider, HMRC or DVLA.  Prize Draw Scams – “You have won the Lottery or a Prize Draw!” Sounds good but is it? You may think you never entered the competition but they will convince you that you have, then ask for your bank details so you can “receive” the prize  Financial Scams – you are called with tempting offers for investing your money in funds, schemes or perhaps in Bitcoins with the promise of huge returns. Since 2019, it has been illegal to make cold calls to sell Pension schemes, so any calls about Pension Schemes will be scams. This scheme may be extended in the future to ban any unsolicited financial cold call. How can you stay safe?  Never give out your financial information over the phone, and just hang up if you are unsure about the caller’s identity  Register for “TPS” - Telephone Preference Service - this prevents bona fide companies calling you so you will then know that any cold call is a fake.  Scammers will often keep the phone line open after the call so even when you think you are calling a legitimate number you are still speaking to the fraudster. Wait for up to 15 minutes or make the call using a different phone line or mobile

Protecting Against APP Fraud: How LFCM Group Can Lend a Hand Hey there! We understand that APP fraud can be really scary, especially when it tricks people like you and businesses into sending money to scammers. At LFCM Group, we’re here to support you in recovering your funds and to share valuable tips to help you avoid these tricky scams in the future. What’s APP Fraud All About? APP fraud, or Authorised Push Payment fraud, occurs when someone is manipulated into sending money to a scammer. Unlike traditional scams, this kind of fraud involves victims who genuinely believe they are making a legitimate transaction. Some Common Types of APP Fraud to Watch Out For: 1. Impersonation Scams: Scammers often pretend to be banks or authority figures. 2. Investment Scams: These involve fake opportunities that promise high returns. 3. Invoice Scams: Fraudsters create fake invoices to redirect payments. 4. Romance Scams: Scammers build fake relationships to solicit money. How LFCM Group Can Help You Out: 1. Recover Your Funds: Our dedicated team works tirelessly to trace and recover your money by partnering with banks and financial institutions. 2. Prevention Education: We equip you with the knowledge to spot and avoid scams, so you feel empowered and confident. Top Tips to Stay Safe from APP Fraud: 1. Verify Before You Trust: Always call official numbers to confirm any requests. 2. Take Your Time: Scammers often pressure you to act quickly—don’t hesitate to take a step back. 3. Double-Check Payment Details: Always verify information before you transfer any money. 4. Stay Skeptical: If something sounds too good to be true, it probably is! Why Choose LFCM Group? With years of experience and a proven track record, LFCM Group is here to help victims like you recover their lost funds and secure a brighter financial future. We’ll guide you every step of the way! If you’ve been a target of APP fraud or simply want to learn more about it, don’t hesitate to reach out to us. Together, we can fight fraud and keep your finances safe! #FraudProtection #APPFraud #ScamAwareness #LFCMGroup

It's always good to have some new stats to throw around..... But seriously being able to size a problem is very important and more education and awareness on scams is never a bad thing. So the headline in this press release is that Impersonation scams are up 13% in a year. That's a big jump and expect follows the trend of the past 4 to 5 years. CEO fraud gets a specific call out. Even though noted as less frequent the average values are pretty big. For CEO scams the average amount lost in 2023 was £10,918 more than double the amount lost by police or bank staff impersonation scams (£5,318). Not sure of some of the terms in the press release around victims and being tricked. We need to be careful to prevent an opinion of shaming. I know that how those impacted are reference is an important element of the narrative and something we all need to be aware of. There are also some tips on identifying and protecting yourself from scams: 1. Be wary of any messages you receive from numbers or email addresses which aren't already stored in your contacts, even if it appears to be from someone you know. 2. Always remember that your bank, the police or any genuine organisation or company will never ask you to move money to protect it, under any circumstances. They will also never ask you download something onto your computer or other device. If in doubt, hang up and call to check on a number you trust, not one you’ve been given over the phone. 3. Be very careful if you’re contacted and asked to fill in a form online to process a refund. Contact the organisation, using details verified separately (not details given on any form), so you can check if the request is real. 4. Do not download any software to your computer or tablet, if instructed to do so by a cold caller. This often comes in the guise of someone from ‘Microsoft’ saying they are helping fix a problem or safety issue with your computer, but fraudsters can also pretend to be from Amazon, utility companies or banks. 5. Don’t be rushed into anything – if a message is claiming to be from someone you know, contact them in a different way, to confirm it is them. #scams #fraud #economiccrime #ceofraud #impersonation https://lnkd.in/ehbb5sy4

Chris Hemsley's recent exit from the PSR opened a door for the Payment Association to challenge APP fraud rules, but the PSR has slammed it shut. Last week, the Payment Service Regulator (PSR) managing director stepped down and The Payment Association used his departure as an opportunity to call for a delay to the upcoming authorised push payment (APP) fraud rules. Hemsley had been working on plans to improve protections for victims of APP fraud, requiring payment service providers to reimburse victims within 5 working days and up to £415k per claim. With APP fraud costing the UK economy ½ Billion a year, the new rules seem like a step in the right direction. However, the industry’s protests make you wonder if there will be unintended consequences, such as... - Moral hazard. The rules mandate that reimbursement can only be refused if the customer acted with “gross negligence”. This could lead to an increase in payments where customers do not exercise enough caution, safe in the knowledge any losses are likely to be reimbursed. - Risk of 1st party claims: Fraudsters could exploit the new rules by posing as victims and scamming PSPs. - The regulations don’t involve big tech/social media companies where APP fraud often starts. If Facebook & Co were involved, we should see a big dent in APP fraud. - The claims management system won’t ready until May 2025, meaning firms will have to report manually until then (painful, slow, error-prone!) Despite these concerns, the PSR is standing firm and confirmed they will not delay implementation of the rules. Like it or not, the new reimbursement rules will take effect this October.

Monday's introduction of new protections for consumer's falling victim to authorised push payment ("APP") fraud coincided with a "Dear CEO" letter from the FCA setting out the regulator's expectations on APP reimbursement. Of note was the statement that Payment Service Providers ("PSPs") "should be working to reduce APP fraud by improving their anti-fraud systems and controls", noting that this "is also the best way for PSPs to limit their potential liability". The FCA's expectations provide insight into the policy underpinning the new consumer redress scheme: by making PSPs responsible for reimbursing consumers, they are being incentivised to combat the use of their services as a vehicle for fraud. It will be interesting to see (i) how this plays out in practice and (ii) whether the same approach will, in due course, be replicated against other platforms facilitating fraud (e.g., social media sites and ISPs). The underlying policy aim of targeting enablers of fraud is also reflected in the changes to Companies House introduced under the Economic Crime and Corporate Transparency Act 2023 with respect to registration details, identity verification and transparency -- and related investigation and enforcement powers. Fraudsters' use of English registered "shell" companies to launder misappropriated funds through UK bank accounts will be very familiar to practitioners in the fraud space. Link to the FCA's full letter below: https://lnkd.in/eqn4MQDr

Unauthorised payments rose sharply, with losses up 5%, driven in part by fraudsters circumventing protection systems. When a customer makes a payment online, they are often sent a one-time passcode to verify the transaction. Fraudsters have found ways to trick people into telling them these codes, in order to steal money. However, the latest data shows there were relatively large falls in romance and investment scams. This may have been the result of the promise of stricter rules regarding so-called authorised push payment (APP) fraud prevention. There were 97,344 cases of APP fraud in the first half of the year, with total losses of £214m. “Fraud continues to pose a major threat in this country," said Ben Donaldson, managing director of economic crime at UK Finance. "In addition to the financial impact, this crime can cause severe psychological harm to victims. "This isn’t a fight we will win alone." On Sunday, Charlie Nunn, chief executive of Lloyds Banking Group, accused Meta, the tech giant which owns social media platforms Facebook and Instagram, of "enabling" people to be contacted by fraudsters running online scams. Meta said in response that its "pilot Fraud Intelligence Reciprocal Exchange programme (FIRE)" was designed to enable banks to "share information so we can work together to protect people using our respective services". And were told there’s no reason not to embrace AI and yet more technology.

https://lnkd.in/esY88A6r some good advice here, which is very relevant in ireland too

Beware: FOR IMMEDIATE RELEASE   Warning: Scammers Targeting Residents with Fake Jury Duty Claims The Roanoke City Sheriff’s Office is issuing a critical warning to the public about a new wave of scam calls that involve sophisticated tactics, including the use of counterfeit government documents and fraudulent email links. These scams are designed to mislead individuals into providing personal information and money. Scammers are calling individuals while impersonating members of the Sheriff’s Office, claiming that the recipient has missed jury duty and must pay a fee to avoid arrest. During the call, scammers may state they represent The Roanoke City Sheriff’s Office and may express that they are following up on missed jury duty for Roanoke City Circuit Court or even U.S. District Court stating that our agency has been tasked with this outreach, creating a false sense of legitimacy. Requests for payment vary as callers have been instructing victims to make payments via money orders, gift cards, or even cryptocurrency, with some payments reaching as high as $7,000. Unfortunately, there have been instances in the past month where victims have visited the Sheriff’s Office after making these payments, believing they were complying with a legitimate request. Key Points to Remember: Verify Information: If you receive a call claiming to be from The Roanoke City Sheriff’s Office or any government entity, verify the information independently. Official communications will not request payment over the phone or through email links. Do Not Share Personal Information: Never provide personal, financial, or payment information over the phone or via email, especially if you are unsure of the caller's legitimacy. Report Suspicious Activity: If you suspect you are being targeted by a scam, report it to local law enforcement or your local consumer protection agency. We want to emphasize that the Sheriff’s Office would never call residents to demand payment in this manner. This scam is designed to instill fear and exploit our community members, and we urge everyone to be vigilant. If you receive a call like this, do not provide any personal information or payment. To help the community stay informed and better equipped to avoid fraud and scams, the Roanoke City Sheriff’s Office offers TRIAD monthly sessions. These sessions provide valuable information about various scams, personal safety, and resources available for seniors. If you receive a suspicious call, please hang up and contact the Roanoke City Sheriff’s Office directly at 540-853-2941. Remember: Do not engage with the caller or provide any personal information.

Are you added to WhatsApp groups? Here's how cybercriminals can wipe out your bank account & even trick your contacts WhatsApp Group Chat fraud often begins when a member of the group receives a WhatsApp audio call from the fraudster, pretending or claiming to be another member of the group. Meta-owned messaging app- WhatsApp has become the latest platform for cybercriminals to dupe innocent people. Cybercriminals are using the WhatsApp Group Chat features to dupe hundreds of people around the world. It has often been witnessed that people get added to any random WhatsApp chat group and this should not be taken lightly. What is a WhatsApp Group Chat scam? As per the report published by UK's action fraud, fraud often begins when a member of the group receives a WhatsApp audio call from the fraudster, pretending or claiming to be another member of the group. This is done to gain the individual’s trust, and often the scammer will use a false profile picture and/or display name, so at first glance, it would appear to be a genuine member of the group. The fraudster will tell the victim they are sending them a one-time passcode which will allow them to join an upcoming video call for group members. The criminal then asks the victim to share this passcode with them so they can be “registered” for the video call. In reality, the criminal is asking for a registration code to register the victim’s WhatsApp account to a new device so they can take over their account. Once the fraudster has access to the victim’s WhatsApp account, they will enable two-step verification which makes it impossible for the victim to regain access their account. Other members of the group, or friends and family in the victim’s contacts, will then be messaged asking them to transfer money urgently as they are in desperate need of help." How to avoid such types of scams and scammers? Detective Superintendent Gary Miles of the London Police said, "To keep yourself safe from fraud, never share your account details or any passcode or verification codes with anyone. If you think you are being targeted, report the message and block the sender within WhatsApp. To make your account more secure, we advise setting up two-step verification to provide an extra layer of protection." The release further shared some steps to keep in mind to avoid such kinds of incidents. Set up two-step verification (2SV) to give an extra layer of protection to your account. Tap Settings > Account > Two-step verification > Enable. CALL. If a family member or friend makes an unusual request on WhatsApp, always call the person outside of WhatsApp to confirm their identity. Report spam messages or block a sender within WhatsApp. Press and hold on the message bubble, select ‘Report’, and then follow the instructions. #Whatsappgroupchat #Whatsappgroupchatscam #WhatsappgroupchatscamUk #unitedkingdomwhatsappgroupchatscam