One saver lost her life savings despite taking precautions when fraudsters were able to replicate her bank’s phone number
Moya Crockett shared her devastating story of how she lost her life savings through an Automated Push Payment, or APP, scam as a warning to others not to fall for optimistic bias in assuming they're too smart for fraudsters. Speaking to online protection company Norton , Moya recalled how it all started with a message. She shared: “The phishing text definitely wasn’t particularly sophisticated—if it hadn’t arrived late at night, I don’t think I’d have fallen for it.
This is known as social engineering, a manipulation tactic often employed by scammers. Because she recognised the previous fraudulent transactions she knew her account was “vulnerable and would need securing” and was eager to follow any instructions to up her security. To best secure her funds, Moya was advised to move her money to a new account and in half an hour her life savings had disappeared.
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