APP Scams, also known as bank transfer scams, are a type of fraud in which an individual or organisation is tricked into transferring money to a fraudster’s account. This type of fraud typically occurs when the fraudster poses as a legitimate individual or entity (such as a vendor, supplier, or employee of a company) or even family and friends.
The fraudster will usually contact the victim through email, phone, or text message and provide them with false information, such as fake invoices or payment requests. The victim is then instructed to make a payment to the fraudster’s account, often under the guise of urgent or time-sensitive circumstances.
The fraudster will use various tactics to convince the victim to transfer the funds, such as creating a sense of urgency, threatening legal action or penalties, or providing fake assurances of security or legitimacy.
Once the victim transfers the funds, the fraudster will quickly withdraw the money from the account, often leaving the victim with little to no recourse to recover the lost funds.