Authorised Push Payment Fraud

Payment Scams, Authorised Push Payment Fraud and Gibraltar's Regulatory Framework.

Gibraltar, despite its small size, remains a target for fraudsters who are constantly evolving their methods to exploit individuals and businesses. It is not uncommon for businesses and individuals alike to obtain notifications from local banks as to scam callers and in July 2024 the Royal Gibraltar Police reported that scammers had defrauded local businesses of approximately, £1.7 million, with one company losing up to £1 million through a telephone scam.

Traditionally, these telephone scams, often adopt the form of fraudsters deceiving customers into providing them with access to their online banking accounts under the auspices of that the calls are legitimate. Often, we hear of persons divulging security information such as One-Time Passwords ("OTPs") which can then be used by scammers to make unauthorised payments without the victims' knowledge.