About EFT Holdco
EFT Holdco are working with victims of APP fraud to seek redress from banks for their loss. Despite protestations from recipient banks that due diligence in respect of anti-money laundering (AML) regulations was carried out on their customer, and that the account in question was monitored for unusual activity not in keeping with the customer profile, the stories we hear everyday at EFT Holdco have led us to think otherwise.
The introduction of Confirmation of payee (COP) in March 2020 has led to a fall in the number of fraudulent payments being sent to banks participating in the scheme, but not all banks are participating. Prior to COP, money could be sent to any account even if it did not match in any way the details being entered on the payment instruction.
The scale of losses borne by innocent victims of this scam are mind boggling. £23 million lost in payments sent to banks not participating in COP in the final quarter of 2021, and an eye watering £355 million lost to APP scams in the first half of 2021 alone. Prior to this, banks have been far too quick to absolve themselves of any responsibility, leaving victims without a voice and often facing the loss of a very significant part of their life savings.
We often hear from victims that they feel some sort of guilt or shame in being tricked in this way. EFT Holdco see it very differently. It is the banks receiving your funds who should feel embarrassed. We want to hear your story.
We are working with a large number of victims of APP fraud, so if you would like an informal discussion about your own case, please contact us in confidence and we will get back to you.
HAVE YOU BEEN THE VICTIM OF APP FRAUD?
EFT Holdco is working with victims who have lost +£10,000 to authorised push payment fraud.
If you are a victim, contact us today at office@efthold.co.uk to arrange a confidential discussion about your case.
We are on your side!