Push Payment Scams Are One Of The Fastest Growing Types Of Relationship Scams
Source: https://romancescamsnow.com/dating-scams/push-payment-scams/
What Are Push Payment Scams?
Push payment scams, also known as authorized push payment (APP) scams or bank transfer scams, are a type of fraud where individuals or businesses are tricked into authorizing and sending money to scammers. These scams typically involve social engineering techniques to manipulate victims into believing they are making a legitimate payment, often targeting individuals who use online banking or make electronic transfers.
Push payment scams involve fraudsters convincing victims into sending money to them by impersonating genuine payees (such as suppliers, contractors or even employees).
They typically create a sense of urgency around sending the funds immediately via electronic banking methods, such as Faster Payments Service, BACS/CHAPS, SWIFT Bank Wire Transfer, Direct Debit, Venmo, Zelle, Standing Order, CashApp, and others.
Once the funds have been sent, they cannot be retrieved from the recipient’s account since most banks consider these transactions irretrievable or “irrevocably cleared”.
To prevent becoming a victim of a push payment scam, always verify the authenticity of the request before making any transfer — double check the sender’s contact details match those already held for that entity, ensure the payment amount matches the expected value, and check if there is any reason why payment should need to occur so quickly without proper validation checks already having taken place prior.
How Push Payment Scams/Fraud Work
Here’s how a typical push payment scam may unfold:
- Initial Contact:
Scammers may reach out to victims via various channels, including phone calls, emails, text messages, or even through social media platforms. They often pose as trusted entities such as banks, government agencies, or legitimate businesses. - Building Trust:
Scammers employ various tactics to gain the victim’s trust. They may use sophisticated techniques, such as spoofing phone numbers or email addresses to make it appear as if they are contacting the victim from a reputable source. They might also impersonate someone the victim knows or use personal information obtained through previous data breaches to establish credibility. - Manipulation and Urgency:
Scammers create a sense of urgency or exploit emotions to pressure victims into acting quickly. They may claim that the victim’s account has been compromised, that they owe money, or that they are entitled to a large sum of money. By using persuasive language, they aim to convince victims to make a payment immediately without thoroughly verifying the request. - Payment Instructions:
Once the scammer has gained the victim’s trust and convinced them of the urgency, they provide instructions on how to make the payment. This often involves instructing the victim to transfer funds to a specific bank account, often one controlled by the scammer. They may provide plausible reasons for using an alternative account, such as a temporary technical issue with their usual account. - Victim Initiates Payment:
Believing the request to be genuine, the victim initiates the bank transfer or payment through online banking, wire transfer, or other electronic payment methods. The victim willingly authorizes the transaction, unaware that they are sending money to a scammer. - Loss and Realization:
After the victim realizes they have fallen victim to a scam, it is often too late to recover the funds. Scammers quickly move the funds out of the receiving account, making it difficult to trace or retrieve the money. Victims may face financial losses and emotional distress as a result.
It is important to note that push payment scams exploit the trust and cooperation of the victim, as they willingly authorize the payments. Consequently, recovering the funds can be challenging, and prevention and awareness are crucial in combating these scams.
Each type of relationship scam that results in an authorized push payment will have its own lures, stories, and grooming style. Look for the specific type of scam for more details.
Where To Report?
The first step is to report this crime to the police.
Before you do that, please read this to help you prepare: https://romancescamsnow.com/dating-scams/a-scam-victims-checklist-interacting-with-the-police/
If you lost money: the way to report this is FIRST with your LOCAL POLICE — they are your first responders, and will be the ones to recover your money if at all possible!
Then report to:
1. U.S. Secret Service — the Secret Service wants to talk to you
• Find the nearest U.S. Secret Service Field Office to you
https://www.secretservice.gov/contact/field-offices
• Crypto Scams can also be reported by email to: CryptoFraud@SecretService.gov
• Victims who require further assistance may call 1–888–813-USSS
• Deaf and hard of hearing 202–406–5370
2. U.S. Federal Trade Commission at https://reportfraud.ftc.gov/#/?orgcode=SCARS — the FTC will send a copy of your report to the FBI, so you don’t have to bother.
3. SCARS on www.Anyscam.com — for worldwide distribution.
♦ NEVER REPORT YOUR CRIME TO ANY PRIVATE FOR-PROFIT COMPANY — THEY ARE ONLY INTERESTED IN EXPLOITING YOU
You can find more places to report here: https://romancescamsnow.com/reporting-entity-directory/
Also please read this: https://romancescamsnow.com/dating-scams/scars-next-steps-you-gave-the-scammer-your-information/
