The power to ignite conversation is indisputable for the online streaming service Netflix. First came ‘Tiger King,’ which got the world infatuated with privately-owned big cats in the U.S. Now, we are turning our heads to romance scams with the release of the true crime documentary, ‘The Tinder Swindler.’ Just like that, the streaming service has sparked conversation around how easy it is to unwittingly become a victim of authorized push payment fraud.
What is Authorized Push Payment Fraud?
Authorized Push Payment (APP) fraud is when the victim is coerced into making a transfer of funds to an account assumed to be a legitimate payee. This can involve a wide range of scams, including purchase scams, investment scams or romance scams. The fraudster achieves this by way of social engineering. In the case of romance scams, the victim is coerced into paying someone they have met online, with whom they believe to have a romantic relationship. With the increased adoption of real-time payments, these transactions are often irreversible. According to UK Finance, romance scams have been steadily growing since 2018, with cases having tripled in the last three years.
Can you put a price on love?
First launched in 2013, Tinder revolutionized the dating industry by making it possible to find love at the click of a button on your phone. As of 2020, dating apps are a $3 billion…
