Money Transfer Scams Cost Victims £236m In 2017
Money Transfer Scams Cost Victims £236m In 2017 Business Money Transfer Scams Cost Victims £236m In 2017 Victims of a notorious money transfer trick have been losing an average of almost £3,000 each, according to new figures. Banking trade body UK Finance has been taking a closer look at so-called authorised push payment fraud. It has said that those duped lost £236m in total last year, and that banks were unable to return 74% of victims’ money. Such fraud often occurs to People Transferring Money during a property transaction or when paying an invoice for work undertaken to their home. Victims believe they are transferring money to an official person such as a solicitor. However, they are instead being tricked by fraudsters who may have hacked emails or intercepted mails. These scammers typically send a payment demand, posing as the legitimate business. What Else Do We Know About The Epidemic? This is the first time UK Finance has made calculations for these kinds of...