Fraudsters trying to convince people to ignore ‘no match' bank transfer warnings

Asia's Tech News Daily

Fraudsters are trying to convince people to ignore “no match” warnings when the bank account they are transferring money into does not match the name of the person they think they are paying, according to a regulator.

© PA Archive More than £350m was lost in scams where people paid criminals directly (Yui Mok/PA) – PA Archive

The Payment Systems Regulator (PSR) said it expects to see more action from financial institutions to stop scams where people are tricked into transferring money to a fraudster and to better protect and reimburse people if they do fall victim.

Recent figures show that  in the first half of 2021, £355 million was lost to authorised push payment (APP) scams where people were tricked into paying criminals directly.

Some banks have been introducing an added layer of protection for customers called confirmation of payee – which tells people making payments whether the account they are trying to pay into matches the name of the person they think they are paying.

As well as protecting against fraud, this can help to prevent people accidentally paying money to the wrong bank account.

Confirmation of payee has proven to be an effective way to stop scams from happening, but it should be widely available – we want to see more banks, building societies and financial institutions use this service to protect their customers

Chris Hemsley, Payment Systems Regulator

The PSR said there were now more than one million confirmation of payee requests every day.

But in a document published on its website, the PSR said it had been told following a call for views: “There has been increased social engineering of victims by fraudsters to convince customers to ignore ‘no match’ warnings.

“In some cases, fraudsters may even use the added level of confidence offered by (confirmation of payee) to manipulate victims into sendingmoney to mule accounts.”

Money mules allow their accounts to be used by criminals to launder cash.

Some customers may also go ahead due to “click fatigue” or a lack of knowledge over how to interpret warnings, it was also suggested.

Overall, the PSR said evidence of the positive impact of confirmation of payee provided a compelling case for a wider rollout, which will give consumers better protection against fraud, prevent accidentally misdirected payments and provide greater industry protection.

It said it shared concerns that some scams continue even after a “no match” warning.

But it said its analysis had shown a continuing decrease in the number and value of scams that proceeded after such a warning.

It said: “This suggests that (confirmation of payee) may be leading to a greater number of customers relying on warnings and abandoningpotentially fraudulent transactions.

“It is therefore clear to us that there is a strong case for the wider rollout of (confirmation of payee).”

The PSR also said feedback suggested a shift in scams migrating toinstitutions that have not yet implemented confirmation of payee.

It said it wanted to see action from payment firms that have not signed up to the CRM (contingent reimbursement model) code and who are not offering similar levels of protection, as well as from “institutions offering banking services to criminals, however inadvertently”.

Chris Hemsley, managing director of the PSR, said: “Confirmation of payee has proven to be an effective way to stop scams from happening, but it should be widely available – we want to see more banks, building societies and financial institutions use this service to protect their customers.

“The work that has been happening to broaden the (confirmation of payee) service will mean that many more fraudulent and misdirected payments should be prevented.

“There is currently good progress being made in making the service more widely available, but we will step in if we need to, including if we think that progress is stalling.”

From news to politics, travel to sport, culture to climate – The Independent has a host of free newsletters to suit your interests. To find the stories you want to read, and more, in your inbox, click here.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

The Director Of Train To Busan And Peninsula Just Teased Ideas For A Third Film

TPG/Getty The 2016 zombie-fest “Train to Busan” and its 2020 follow-up “Train to Busan Presents: Peninsula” are two of the best zombie films to come out in recent years — ... Read more »

An Alabama woman became the only human in history hit by a meteorite

This Day In Weather History is a daily podcast by Chris Mei from The Weather Network, featuring stories about people, communities and events and how weather impacted them. — You ... Read more »

Yahya Abdul-Mateen II Just Launched A New Production Company With Netflix

Frazer Harrison/Getty Actor Yahya Abdul-Mateen II is still relatively new to Hollywood, with his earliest roles dating back to just 2017. He got his start with a supporting role in ... Read more »

New caller ID law now in place to help fight wave of spam and spoof calls

© Ben Nelms/CBC A woman wearing a mask and parka looks at her cellphone in Vancouver. Canada’s telecommunications regulator said Tuesday it was introducing new laws compelling phone companies must ... Read more »

COVID-19: Quebec reports 784 new cases, 3 more deaths

© Graham Hughes/The Canadian Press People wear face masks as they walk through a market in Montreal, Sunday, November 28, 2021, as the COVID-19 pandemic continues in Canada and around ... Read more »

Video: Moment drunk driver fell asleep at the wheel before mounting the curb at 100mph 

Read more »

Da-bangg The Tour Reloaded: Salman Khan, Shilpa Shetty, Jacqueline Fernandez to enchant Dubai in December

© Provided by Pinkvilla Da-bangg The Tour reloaded is back again and this time the Salman Khan-led team is all set to take over Dubai in the month of December. ... Read more »

Temperature divide across Atlantic Canada, as heavy snow, rain tracks east

This final week of November remains active across much of Atlantic Canada, with the latest system pushing into Newfoundland for Tuesday, bringing strong winds, heavy rain and snow. Around 15 ... Read more »

10/3 podcast: Canada reports its first cases of the new COVID-19 variant Omicron

As the world scrambles to contain and study the new Omicron variant of COVID-19, Canada has reported its first few cases. © Provided by National Post As of Monday morning, ... Read more »

Ingrid Ciprian-Matthews Promoted at CBS News, Search For New D.C. Bureau Chief in the Works

© John Paul Filo/CBS CBS News has promoted Ingrid Ciprian-Matthews to a new role as executive vp of newsgathering, overseeing all network newsgethering worldwide for the news division. With her ... Read more »

‘The View' Hosts Say CNN's Chris Cuomo Should Face Consequences for ‘Massive Ethical Breach'

© Provided by TheWrap Sara Haines After the New York attorney general released new documents this week revealing that Chris Cuomo used his contacts as a journalist to attempt to ... Read more »

Video: Kris Jenner cuts a chic figure in a smart black coat as she proudly takes photos of daughter Kylie's window display at Harrods

Read more »

Autour de Minuit, FKLG, Canal Plus Co-Produce Animated Series ‘Freaked Out' (EXCLUSIVE)

© Credit: Autour de Minuit France’s Autour de Minuit, FKLG and Canal Plus are teaming to co-produce Théo Grosjean’s “Freaked Out” (“Flippé”), an animated series for adults whose first season ... Read more »

Alice Sebold apologizes to innocent black man, 61, who was jailed for rape after she wrongly identified him and was exonerated after serving 16 years

Author Alice Sebold apologized on Tuesday to Anthony Broadwater, who was convicted in 1982 of raping her when she was a student at Syracuse UniversityBroadwater, 61, served 16 years in prison and was released in 1998, but remained on New York's sex offender registryIn her apology, Sebold said she was a 'traumatized 18-year-old rape victim' in 1982 and wrongly accused BroadwaterShe said she put her faith in a flawed legal system after she spotted him several months after her rape and accused of him of being the perpetratorSebold also said she will 'continue to struggle with the role that I unwittingly played within a system that sent an innocent man to jail'Sebold detailed the rape in her memoir Lucky  Read more »

New World Bots Are Stealing All Resources And Tanking The Economy

© Screenshot: Amazon Game Studios A screenshot of Amazon’s New World, depicting a warrior attempting to spear a roaring brown bear. Just sic a bear on the bots and boom, ... Read more »

Damaging winds, significant mountain snows take aim at Alberta

Damaging winds are possible across parts of southern Alberta on Tuesday as downsloping winds sweep across the region. Parts of the southern foothills could see wind gusts of 130 km/h ... Read more »

Billie Eilish Returns For The Fifth Year Of The Same Interview With Vanity Fair

© Photo: Shutterstock Billie Eilish Billie Eilish is back in the hot seat for the fifth annual Time Capsule interview with Vanity Fair.  The video, released today, sees Eilish react to ... Read more »

Liverpool deal back on as star's price tag more than halved by Premier League club

© PA Images Ismaila Sarr being challenged by Adama Traore Liverpool are reportedly on ‘red alert’ after learning that a Premier League club is willing to accept a cut-price fee ... Read more »

Video: 'Multiple' students are injured in Michigan high school shooting: Gunman is arrested and revolver is recovered

Read more »

Progress report says Nova Scotia still clear-cutting too much of its forests

HALIFAX — A progress report says Nova Scotia is not moving quickly enough on recommendations it adopt forestry practices that reduce clear-cutting. © Provided by The Canadian Press The report ... Read more »

Canadians all crash their cars on the first snow day, it's because we're idiots

© Provided by National Post When Edmonton had its first winter snow day in 2017, the city suffered more than 213 crashes, including several that put passengers in hospital in critical ... Read more »

ITV I'm A Celebrity: Frankie Bridge's romance with former King of the Jungle

Frankie Bridge is just one of the celebrities who has been making waves in this year’s series of I’m A Celebrity…Get Me Out of Here! Just last week, Frankie, 32, ... Read more »

Bigg Boss 15: Rakhi Sawant says hubby Ritesh ‘doesn't cuddle with her at night'

© Provided by Pinkvilla Bigg Boss 15 has been witnessing controversies ever since the show started. Among the wildcard entrants, Rakhi Sawant has been grabbing all the attention as she ... Read more »

You Wouldn't Last a Day on The Rock's 6,000 Calorie Diet

© NBC – Getty Images What does Dwayne “The Rock” Johnson eat in a day? This is his daily meal plan to build muscle and stay strong. Maybe you already ... Read more »

An Alabama city is facing a $25,000 fine for changing a street named after Jefferson Davis

The capital of Alabama is coming under fire and facing a large fine after removing a street name honoring president of the Confederacy. © Vasha Hunt/AP Fred Gray poses with ... Read more »

Zonta says 'no' to domestic violence

Nov. 30—Each year, the Lebanon chapter of Zonta International holds a campaign to raise awareness of domestic violence. “16 Days of Activism” is a campaign of the international service organization ... Read more »

After brief contraction, Canada's economy grew again in third quarter

© Pierre-Paul Couture/CBC Spending on personal grooming services like haircuts exploded in the summer months, Statistics Canada reported Tuesday. Canada’s gross domestic product expanded by 1.3 per cent from July ... Read more »

Snowstorm leaves dozens stranded inside remote U.K. pub for three days

On Friday, a pub called the Tan Hill Inn in Yorkshire, England was filled with people who had gathered to watch Noasis – an Oasis tribute band -perform. Outside, the ... Read more »

Prime Minister reveals he is a ‘devotee' of Tayto crisps as he hosts food market

The Prime Minister said he is a “devotee” of Tayto crisps and joked that his figure is “a testimonial” to the benefits of the popular snack from Northern Ireland. Boris ... Read more »

Ontario reaches 10,000 COVID-related deaths since start of pandemic

© Provided by Global News FILE – In this Aug. 31, 2021 file photo a R.N. holds the hand of a COVID-19 patient in the Medical Intensive care unit (MICU) ... Read more »

Alan Shearer explains why Ilkay Gundogan is the perfect Manchester City player

Ilkay Gundogan has quietly been one of Manchester City‘s best players over the last few years, as Alan Shearer has heaped praise on the central midfielder. City’s vice-captain was certainly ... Read more »

Timelapse Footage Shows Ongoing Volcanic Activity at Kilauea

Volcanic activity continued at Hawaii’s Kilauea volcano on November 29 and 30, two months after eruptions began. According to the US Geological Survey (USGS), the volcano is erupting out of ... Read more »

Brad Marchand confirms Russia dig at Artemi Panarin: ‘Softest league in the world'

Brad Marchand isn’t apologizing. He’s doubling down. The Bruins star confirmed on Tuesday that he brought up Russia in a dig at Rangers winger Artemi Panarin that led to a ... Read more »

New exchange-traded crypto funds launching in Canada today will be 1st to pay monthly yield

© Paul Yeung/Bloomberg Canada was home to the world’s first bitcoin exchange-traded fund earlier this year, and more funds aimed at the cryptocurrency space are set to launch on the ... Read more »

Avril Lavigne Hints She May Get A Tattoo Of Her Boyfriend

© Provided by ET Canada Avril Lavigne and Ellen DeGeneres – Photo: Michael Rozman/Warner Bros. Avril Lavigne isn’t shy about getting tattoos and her next one might be a little ... Read more »

Did Alan Ruck really crash a Ferrari in ‘Ferris Bueller's Day Off'?

Alan Ruck reveals what really went down during the car-crash scene in the iconic John Hughes film. Everett Collection; “Jimmy Kimmel Live!” The car was totalled — but it wasn’t ... Read more »

Tom Holland Calls Zendaya's Fashion Sense ‘Unreal' And ‘Amazing'

Zendaya’s style has Tom Holland in awe. © Photo: Eric Charbonneau/Shutterstock Tom Holland and Zendaya On Tuesday, the real-life couple and “Spider-Man: No Way Home” appeared together on the French ... Read more »

Michigan drops oil pipeline suit, refocuses on separate case

Michigan Gov. Gretchen Whitmer abandoned a lawsuit Tuesday aimed at shutting down an oil pipeline that runs through part of the Great Lakes but said the state would continue pursuing ... Read more »

Ghislaine Maxwell was present when Epstein abused me, accuser testifies

Photograph: Jane Rosenberg/Reuters The first accuser in the child sex-trafficking trial of Ghislaine Maxwell testified in court in New York on Tuesday. The accuser, who used the name “Jane”, alleged ... Read more »

Gordon Ramsay says daughter Tilly's Strictly exit was a ‘celebration' as he praises her for doing a ‘great job'

GORDON Ramsay has praised his daughter Tilly on doing a “great job” on Strictly Come Dancing. The celebrity chef, 55, congratulated the talented 20-year-old – who narrowly missed out on ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic