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Fraud awareness
At WorldFirst, the security of your money is our highest priority and we do our utmost to ensure that your money is safe from fraud. WorldFirst’s international payment service is a great way to send money to people you know and trust. Anyone can be a victim of fraud. Below are the common types of fraud to help you to spot a scam.
Common Types of Fraud
Authorised Push Payment Scams:
Authorised Push Payment (APP) scams occur when fraudsters deceive you into transferring money under false pretences, such as posing as a fake supplier or business partner requesting payment. These scammers often intercept your business partner’s emails or use social engineering techniques to gather enough information to convince you to willingly authorise the transfer. Fraud types under this scenario fall into two main categories: a malicious payee or malicious redirection.
1. Malicious Payee:
Phishing Scams:
Fraudsters are sending emails and texts that look like they’re from ‘WorldFirst’. If you get an email with a one-time passcode you didn’t request, or about an unfamiliar payment, it’s likely a scam.
Purchase Scams:
Scammers set up fake websites and e-commerce stores with no intention of sending goods after receiving the payment. You should always verify the legitimacy of the company or store you are buying from.
Investment Scams:
Scammers convince you to invest in a scheme, shares or commodities, which either do not exist, or are not worth the money paid for them. Scammers will sometimes use investment opportunities that promise high returns to lure you in.
Romance Scams:
Romance scams occur when individuals are tricked into sending money to criminals who invest significant effort into gaining their trust and convincing them of a legitimate relationship. These scammers use manipulative language to persuade and exploit, ensuring that requests for money don’t raise suspicion. Often, these requests are emotionally charged, with scammers claiming they need funds for urgent medical expenses or travel costs to visit the victim if they are abroad. Typically, scammers take time to build the relationship before making any financial demands.
2. Malicious Redirection:
Safe Account Scams:
A fraudster impersonates your bank and informs you that your funds are at risk, urging you to transfer your money to a new, “safe” account to protect it. These scammers may sound convincing, often possessing detailed information about your account and transaction history. They may even sound like they’re calling from a legitimate call centre.
Invoice Scams:
A scammer may present a fake invoice to your company, asking for payment for goods or services. It could be that your suppliers email has been hacked or taken over by scammers. You should always contact your supplier via a trusted contact method to confirm if the communications or change of details that you received were actually from them and not a scammer.
Unauthorised Fraud
Unauthorised fraud occurs when scammers transfer funds from your account without your consent. If you discover transactions you didn’t approve, it’s likely that fraudsters gained access to your account through a device login breach or by using social engineering tactics. An example is an Account Takeover.
Account Takeover (ATO) Fraud:
This is when scammers/hackers gain unauthorised access to your account and initiate fraudulent transactions. This could be done through compromised credentials, social engineering and device takeover.
How to Identify a Scam
Suspicious Communications:
Always verify the sender’s email, domain name, and phone numbers and confirm that they are official communication channels before replying emails or responding to requests.
If you have received suspicious communications or a change of details from a known supplier, contact them via a trusted contact method to confirm if the communications or change of details that you received were actually from them and not a scammer.
Unsolicited Offers:
Be very cautious about unexpected investment offers, especially those that promise high returns over a short period of time. If it sounds too good to be true, it most likely is.
Requests for Personal Information:
Never share personal information (such as your name, address, bank details, email, or phone number) with organisations or individuals before verifying their legitimacy. Always be cautious of unsolicited calls, texts, or emails asking for your personal or financial details. Instead, reach out to the company directly using verified contact information, such as a known phone number or email address.
Urgency or Threats with Safe Account Scam:
We will never reach out to you and tell you to move money to another account. Be very cautious about messages that create a sense of urgency or use scare tactics to force a quick response and put pressure on you to authorise a payment. Some examples could be receiving a message like this, ” Your account has been compromised, and we need you to transfer your funds to a safe account immediately”. If you receive an unexpected call and you’re not sure it’s from us, end the call.
Scam Reporting
If you have a WorldFirst account and have authorised a payment which you now believe is part of a scam or fraud, please contact us immediately via:
- Your relationship manager (this information can be found on the homepage of your WorldFirst Account)
- [email protected]
- One of the relevant phone numbers listed on https://www.worldfirst.com/uk/help-support/contact-us/
If you believe someone has set up a WorldFirst account without your authorisation, please contact our team with as much information as possible via:
In all instances, if you think you are a victim of fraud or a scam we advise that you report it to Action Fraud and contact your bank.
External Resources:
Action Fraud: www.actionfraud.police.uk
Cifas: www.cifas.org.uk
Financial Conduct Authority (FCA): www.fca.org.uk
National Crime Agency: nationalcrimeagency.gov.uk
