It never ceases to amaze me how fraudsters manage to be so convincing that they successfully influence their victims in to making these transfers. Especially given all the recent “are you sure?” warnings that adorn our banking apps.
So you know the Nigerian Prince scams? The reason they work despite typos and a stupid premise, is because they target the people who would fall for such a scam. Everyone else bar a few who finds it funny to mess with them, just ignore the scam entirely.
I imagine it’s similar to why APP scams work.
I’ve seen some examples at work whereby a customer’s email account gets compromised. The scammer then waits until a large invoice arrives, then intercepts the email, amends the bank details, and drops it back into their inbox. The customer sees an invoice they were expecting from what looks like someone they know, they pay the invoice et voilà - money gone.
A few solicitors I know have switched to confirmation payments for this reason. They get you to pay a £1, then confirm receipt via text and email before the big transfer. Coupled with confirmation of payee, this needs to become the standard. Maybe faster payments should even support some kind of trial transfer.
Santander’s break the spell team.