What is Authorised Push Payment (APP) Fraud?

Unlike other forms of fraud where payments may be made without your knowledge, APP fraud relies on deception and persuasion, leading you to transfer funds willingly. Because the payment is “authorised,” prevention is crucial.

How Does APP Fraud Happen?

Fraudsters often employ various methods to make their scams appear legitimate. Here are some common tactics:

Impersonation Scams: Fraudsters pose as trusted entities like your bank, building society, utility company, or even a government agency. They might claim there’s an urgent issue with your account or that you owe an outstanding fee, prompting you to act quickly and transfer funds.

Invoice Fraud: In this scheme, scammers pose as suppliers or service providers, sending fake invoices or changing payment details on genuine invoices to redirect payments to their accounts.

Romance Scams: A fraudster builds an online relationship with the victim, gaining their trust over time. Once trust is established, they fabricate a financial emergency, requesting money transfers to resolve the supposed crisis.

Investment Scams: Fraudsters offer enticing investment opportunities that promise high returns, persuading you to transfer funds for what seems like a lucrative investment.

How You're Protected From APP Fraud

From 7th October 2024, new rules from the Payment Systems Regulator (PSR) give more support to victims of APP fraud.

They ask us to:

• Reimburse members who fall victim to an APP scam in full.
• Split the cost of paying back members with the bank or building society where money has been sent.
• Provide additional protection for vulnerable members.

If you'd like to find out more about how you're protected, visit our Fraud Protection page.

How to Protect Yourself from APP Fraud

Although we're here to help in cases of fraud, we encourage our Members to stay vigilant and informed. Here are some steps you can take to safeguard yourself from APP fraud:

Be Cautious with Personal Information: Never share your personal or financial information over the phone or online unless you are certain of the recipient's identity. Fraudsters can use this information to access your accounts or pose as you.

Question Unexpected Requests: Fraudsters often create a sense of urgency to prevent you from questioning the situation. Take a moment to step back and evaluate the request. Legitimate companies will not pressure you to act immediately.

Educate Yourself on Common Scams: The techniques fraudsters use are constantly evolving, so staying informed is essential. To find out more about other common types of scams, visit Take Five to Stop Fraud.

What to do if you think you've been Scammed

Contact your bank or building society right away to tell them what's happened - if you made the payment from your Vernon Building Society account, you can contact our customer services team by calling us on x or email customerservices@thevernon.co.uk.

Then report the scam (call 0300 123 2040 if you’re in England or Wales or, if you’re in Scotland, call 101 to speak to the police). You can also report scams on Action Fraud’s website.

At Vernon Building Society, we understand that all types of fraud can be a distressing experience. By staying informed and vigilant, you can help protect yourself and your finances. Remember, if you’re ever unsure about a payment request or suspect you’re being targeted by fraud, don’t hesitate to reach out to us for guidance. Working together, we can help create a safer financial environment for everyone.