Unauthorised card payment frauds
The last couple of mounts, we are witness of many Unauthorised card payment frauds.
In recent years, there has been a noticeable surge in Unauthorised card payment frauds, posing a significant challenge for both account holders and financial institutions.
Traditionally, theft against the account holder aligns with the concept of a crime, as it involves the unauthorized withdrawal of funds from their account.
However, a paradigm shift occurs when the crime is targeted at the bank itself, seemingly detached from direct consequences for the account holder.
The Appeal of Authorised Push Payment Fraud:
The advent of real-time payment schemes has inadvertently made authorised push payment fraud more attractive to criminals.
Irrevocable Transactions and Victim Helplessness:
One critical aspect of this fraud is that payments made through real-time payment schemes are irrevocable. Once victims realize they have been conned, the inability to reverse these transactions adds a layer of helplessness. This lack of recourse emphasizes the need for proactive measures to prevent falling victim to such scams.
Credit Card Transactions and the Complexity of Fraud:
In the case of credit card transactions, there is no physical transfer of money.
The bank pays the vendor directly, and if the purchase was unauthorized by the cardholder, both the bank and the vendor become victims of fraud.
The aftermath involves a collaborative effort between the bank and the vendor to navigate through their established procedures for dividing the incurred losses.
Legal Consequences and Future Deterrence:
In the event of identifying a culprit, the bank and the vendor may pursue legal actions against the fraudster.
This underscores the importance of a robust legal framework to hold criminals accountable for their actions and serves as a deterrent for future fraudulent activities.
As the threat of authorised push payment fraud continues to evolve, staying informed about its dynamics and implementing preventive measures becomes imperative for individuals and businesses alike.
Through increased awareness and collaboration between financial institutions and consumers, the fight against unauthorised card payment frauds can be strengthened, mitigating risks and fostering a more secure financial ecosystem.
Our legal services in this issue……
The cardholder is not a victim, because one of the key benefits of credit cards is that the cardholder cannot be held responsible for unauthorised payments.
Authorised Push Payment Frauds, more commonly known as bank transfer scams or online scams, have become the crime of choice for financial fraudsters.
Criminal gangs use sophisticated systems to target individuals who are transferring money, must commonly by purporting to be a trusted adviser such as a lawyer, conveyancer.
Innocent victims are commonly asked to transfer cash in order to complete transactions or to secure investments and the money will disappear before the fraud comes to light.
Whether you have lost several thousands pounds or a much larger sum to a push payment fraudster, we are able to help you recover your lost money.
Our push payment fraud solicitors are experienced and level-headed and they understand the need to act quickly and decisively to help you take back control.
Get your money back after being scammed online
Challenge a bank who refuses to refund your payment !!!
When you make a purchase using a credit card, the underlying processes are often opaque to the average user.
There are many cases in the last couple of years for unauthorised card payment frauds
However, understanding these dynamics can provide insights into how banks, vendors, and cardholders interact in the event of a fraudulent transaction.
The key takeaway here is that in credit card transactions, the cardholder isn’t liable for unauthorised purchases.
Claim push payment fraud compensation
Contrary to popular belief, when a credit card is used for a transaction, there isn’t an actual transfer of money from the cardholder to the vendor.
Instead, the bank pays the vendor on behalf of the cardholder.
The cardholder, in turn, is obligated to repay the bank at a later date.
This arrangement provides a layer of protection for the cardholder against fraudulent transactions.
If a purchase wasn’t authorised by the cardholder, it’s the bank and the vendor that become victims of fraud, not the cardholder.
The Process of Handling Fraudulent Transactions
In the event of a fraudulent transaction, the bank and the vendor go through their pre-agreed procedure for dividing the loss.
This is a mechanism designed to protect both parties from the financial impact of fraudulent activities.
The specific division of loss depends on their agreement, which often takes into account the nature of the transaction and the level of security measures in place.
The bank and the vendor also have the right to take legal action against the perpetrator if they are caught.
This is a secondary measure that helps deter fraud and provides a way to recuperate losses.
However, it’s important to note that catching and prosecuting credit card fraudsters can be a complex and lengthy process of refunding of unauthorised card payment frauds
The Protection of Cardholders
One of the key benefits of using credit cards is that the cardholder cannot be held responsible for unauthorised payments.
This protection is a crucial feature that makes credit cards a preferred method of payment for many people.
It gives cardholders peace of mind knowing that they won’t be financially burdened if their card information is stolen or misused.
In conclusion, the dynamics of credit card transactions involve a complex interplay between banks, vendors, and cardholders.
While the risk of fraud exists, measures are in place to protect all parties involved, especially cardholders.
Understanding these mechanisms can help cardholders make informed decisions about their payment methods and how to best protect themselves from potential fraudulent activities.
For more information, call us on + 359 897 90 43 91 or send us a mail on office@lawyer-bulgaria.bg
What can I do if I am the victim of push payment fraud?
If you are the victim of a push payment fraud then there are steps that you can and must take right now:. We are able to offer immediate assistance and we recommend you call us at an early stage, not only will we help you gain control of your situation but we can also help you place yourself in the best possible position should you need to challenge any decisions. Here is our step by step for victims of push payment fraud and online scams: Contact your bank and the bank where the money was sent. You must do this now as the money may be recoverable Contact a solicitor with experience of push payment fraud consumer cases Check if your bank has signed up to the voluntary Authorised Push Payment Scam Code Report the fraud to the police at www.actionfraud.police.uk Make a formal complaint to your bank in line with the Code If your bank is not signed up to the code you should still make a formal complaint to your bank and any other banks or financial institutions involved If your claim is rejected then you may be able to challenge the decision through the Financial Ombudsman Service (FOS) And finally, do not take “no” for answer Should you have any difficulty with any of these steps, please contact one of our team who will be happy to help.
My bank has rejected my push payment fraud claim - what else can I do?
We are finding that banks are frequently rejecting push payment fraud claims. If they do then we are experienced at challenging decisions directly and through the Financial Ombudsman Service. We will do so constructively, but if necessary we are able to make firm and decisive challenges to help you recover your money.
How much time I have in this case
The highest period for refunding the money according to our banking legal act is 13 mounts, since the fraud's day.
