Fraud and scams

Security tips and information for business customers

Below we’ve outlined some of the types of fraud and scams you should look out for, as well as simple tips on how to protect yourself. And in the unfortunate event that you do fall victim to a fraud or scam, we’ve laid out what to do and who to contact.

Some of the common ways criminals trick people into making scam payments are:

• CEO fraud - the criminal impersonates the CEO or other senior business leaders of your organisation to convince you to make urgent payments.
• Investment scams - making a payment to a fake fund or investment.
• Purchase scams - criminals advertise goods or services online and get you to pay upfront, but your purchase never arrives.
• Impersonation scams - the criminal pretends to be from a business you trust, such as your bank, a utility company, or HMRC. They tell you there's a bill or fine to pay, an overpayment to return, or that something’s urgently wrong and you need to move your money to a safe account immediately.
• Payment diversion scams - the criminal contacts you by phone or email and pretends to be someone you trust, such as a supplier or solicitor, with new bank account details to make a payment to.

Authorised push payment (APP) fraud - the criminals choice!

APP fraud is when you get tricked into making a faster payment (or bank transfer) directly to another account, and all of the above scams typically involve the criminal asking you to make a faster payment. This type of fraud has increased dramatically in recent years because criminals know that the money moves from your account to theirs in seconds. So within minutes of you making the transfer your payment has been withdrawn, and it’s unlikely you’re going to get it back.

Tips to protect yourself from fraud and scams

• Never make any payment unless you are 100% sure you are paying the right person for the right reason.
• Don’t pay for anything on social media platforms unless you've taken all possible steps to check the item and seller are legitimate. View the item in person, get any relevant documentation, compare the price of the item with others online, and if possible make the payment through the social media sites own payment service, as this gives you more protection.
• No organisation like your bank, or HMRC, or the Police will ever call you and ask for a payment or tell you to move your money, so if you get a call like this it's a scam!
• If you’re cold-called and asked to make an investment and the deal sounds too good to be true, check to see if the investment firm is on the FCA’s warning list, or whether it’s even FCA authorised.
• If you've received an email or a phone call from an unknown or hidden number, giving you new bank account details for a solicitor, supplier, or other firm you deal with, don't make the payment and call them on a trusted number immediately.
• Never let anyone connect to your device, or get you to download software and if they already have, don't make any payments. This can allow criminals to see your screen or gain access to your online or in-app account and transfer money.

Remember, this isn’t an exhaustive list, and vigilance is needed at all times. Just because something isn’t on this list doesn’t mean it can’t happen, so if you have doubts, don’t make the payment.

What to do if you know or suspect fraud has happened

• Do not continue to communicate with the suspected fraudster. Cease all communication immediately, whether this is by email, WhatsApp, SMS, phone call, or in person.
• Contact the financial firm involved. If that's us here at Muloot Money, follow the instructions below to contact us as soon as possible. We need to be able to secure your account quickly to protect you.
• Report the incident to the Police and Action Fraud. If you’re abroad when you are scammed, you should also contact the local law enforcement.

How to report any fraudulent activity or transactions to Muloot Money:

• Call us on +44 (0) 345 266 8758
• Send us an email at fraud@mulootmoney.com