Businesses warned to get 'robust protections in place' as push payment fraud soars
International law firm RPC reacts as UK Finance reveals staggering 44% increase on this type of financial scam in 2021
Commenting on today's news story that more than £580million was lost last year to Authorised Push Payment Fraud, RPC Partner Simon Hart, head of the financial markets disputes team, said:
"This report should - unfortunately - come as a surprise to no one. The growth in push payment fraud reflects the exponential growth in the digital economy and the movement of all types of business online.
"It is not just consumers who are victims. Many companies have been induced to make significant, high value payments from their accounts to fraudsters where invoices received electronically have been intercepted and the payment details altered. Very few have been able to recover their funds in such situations.
"The solution is prevention rather than cure, with businesses reminded to have robust protections in place."