Please be aware that there have been numerous reports of a number of different scams, many of which are linked to the Covid-19 pandemic. Below is some helpful advice on how to keep your money safe.
1. Authorised Push Payments
One of the most effective methods of fraudsters getting hold of your money is through APPs, or Authorised Push Payments. The scams themselves can be simple, or complex – but all of them have a negative long-term impact on the victims.
These scams are usually performed by fraudsters that gain some of your trust, by pretending to be someone you know (for example, a legitimate person or business, your bank, or even HMRC), and then get you to deposit into an account that you think is genuine – but that actually belongs to the fraudsters.
Sometimes they may pretend to be in financial trouble, or to sell you some service, or they may even put pressure on you by saying that you have payments overdue, and that you are at risk of being in serious trouble. A lot of the time victims oblige, just because everything looks credible.
Ultimately, successful fraudsters can be very innovative – with almost 50,000 cases of APP happening yearly in the UK alone.
Because of this, we may sometimes ask you to identify the reason for your payments. Rest assured that when we do this, we are simply hoping to eliminate any risk – and keep your money safe. Please bear in mind that Rizq will never ask for your PIN code or Password, or information such as your National Insurance number.
With the above in mind, Rizq is also taking it upon ourselves to get our customers accounts to adhere to the APP Scams Voluntary Code, which will minimise the number of scams happening, as well as the consequences.