Push payment scams

Authorised push payment scams (where customers actively send, or ‘push’ money to another party) involve bank customers being tricked into transferring cash to fraudsters’ accounts. Because customers transfer the money themselves, the transfer is deemed as ‘authorised’. Often scammers pretend to be police or fraud department staff within banks.

Once the money has arrived in the criminal’s account, it is often quickly transferred elsewhere, normally abroad, and then withdrawn by criminals – often before the victim actually realises what has happened.

But protecting yourself and your money can be straightforward and simple – just remember the following five Bs.

• Be alert
• Be suspicious
• Be brief
• Be lazy
• Be secretive

Be alert

There isn’t just one type of push payment scam, so you need to be alert. Here are some of the current most popular ones:

• Investment scams: criminals convince their victim to move their money to a fictitious fund or to pay for a fake investment
• Purchase scams: criminals convince the victim to pay in advance for goods or services that are never received
• Safe account scams: criminals warn the victim that there has been suspicious or criminal activity on their bank account and convince them to transfer their money to a 'safe' account, which actually belongs to the criminal.

What every push payment scam has in common is that victims need to transfer funds and there are often time constraints because as every criminal will know, when people are rushed and panicked, they don’t have the time to think things through properly.

Be suspicious

If you are asked to transfer funds then be suspicious, even if the person contacting you claims to be from an official, trusted body, such as your bank, the tax office, or the Police; or from a legitimate-sounding organisation such as an investment firm. They may contact you by email, phone, SMS or social media, and may have some of your personal details already.

If you do respond directly be sure to capture their details (name, position, department, branch, contact number etc) and verify them using contact details you trust, not the number they use or give you. If they say it’s the police you can call back on 101. Never draw comfort from a displayed call number as this can be altered by the caller.

Be brief

It really is ok to reject, refuse or ignore any requests to transfer money. If the requestor is legitimate, they will understand that we all need to be more vigilant and you could even tell them that you are checking they are who they say they are. Just remember not to use the contact details they use or give you.

If you do communicate with the person, you can be polite but be brief. Criminals like to ‘reel’ you in and the longer you communicate with them, the easier it is for them. They are skilled at digging for information and manipulating their victims – it’s what they do for a living.

Be lazy

Decide not to take any hasty actions when it comes to your money. If you receive a call about your money telling you that you need to act now, simply don’t. If you choose to respond, tell them that you need their details so you can check with the organisation they’re claiming to be from (then do so, but using your own method of contact, not the number they provide or use). Then take a deep breath, go for a cup of tea and follow up if you still think it’s a good idea. Rest safe in the knowledge that no legitimate organisation would ever pressure you into taking hasty action with your money.

Be secretive

The most effective way to stay safe of any scam, including but not limited to push payment scams, is to think of your personal details and the money in your bank account as a huge secret that you must protect at all costs. If the secret got out, you can be sure that it would cost you a lot of money and that it would cause you and your family a huge amount of anguish. The bad news is that people will try and trick you into telling them your valuable secret but the good news is that, unless you tell them, they can never find out.

What to do if you are targeted by scammers

If you are concerned that you may have been victim to a scam or fraud it is important that you take immediate action. If you have been the victim of an attempted push payment scam, you should contact Action Fraud, the national fraud reporting service, as soon as possible on 0300 123 2040.

If you have lost money as a result of any scam, you must also report it as a crime and inform us immediately. You can find out more information here.