APP Fraud
SecurityAuthorised Push Payment Fraud
Definition
APP fraud is where victims are tricked into sending funds from their bank account to a fake or fraudulent account by someone posing as a genuine payee such as a friend or family member, or a trusted organisation. This type of fraud has become increasingly prevalent with the rise of faster payments and Open Banking.
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Frequently Asked Questions
What is Authorised Push Payment Fraud?
APP fraud is where victims are tricked into sending funds from their bank account to a fake or fraudulent account by someone posing as a genuine payee such as a friend or family member, or a trusted organisation. This type of fraud has become increasingly prevalent with the rise of faster payments and Open Banking.
What does APP Fraud stand for in Open Banking?
APP Fraud stands for Authorised Push Payment Fraud. It is a fundamental concept in Open Banking and PSD2 regulations. APP fraud is where victims are tricked into sending funds from their bank account to a fake or fraudulent account by someone posing as a genuine payee such as a friend or family member, or a trusted organisation. This type of fraud has become increasingly prevalent with the rise of faster payments and Open Banking.
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