Push payment scams: Why “Just Send It” should raise a red flag
Imagine this: You get a friendly wrong-number text or a connection on social media. The person seems successful, and over time, trust builds. Then they mention a high-return investment and offer to show you how it works.
You invest. At first, you may see exciting “returns” on a realistic-looking website, encouraging you to invest more. Eventually, the site disappears — and so does your money.
This is one of the most common push payment scams, also known as authorized push payment (APP) fraud. It often targets older adults by creating urgency and focusing on growing their savings.
APP fraud happens when someone convinces you to send money to the wrong place, but because you approved the payment, it can be difficult to get it back.
A common, everyday example
You get an email that looks like it’s from a popular online retailer. There’s a problem with your recent order and the payment didn’t go through. To avoid cancellation, you’re asked to click a link and resubmit your payment.
The page looks real, so you enter your details.
But there was no issue with your order and the site was fake. The money goes to a scammer, who now has your bank or card information.
Push payment scams are on the rise
According to Deloitte, a leading global financial and legal services network, in 2024 Americans lost more than $8 billion to APP fraud, with investment scams accounting for an estimated $4.6 billion. They also project APP fraud losses in the U.S. to reach nearly $15 billion or more by 2028 due to AI-fueled tactics, including deepfakes and sophisticated impersonations.
Why the surge?
Scammers are getting smarter, using everyday situations to build trust and create urgency. The message might look like it comes from a business you know, a family member or your bank. The goal is to get you to act before you think.
- Investment opportunities that promise high returns
- Urgent fraud alerts pushing you to “secure” your account
- Online purchase issues requiring immediate payment
- Tech support or service offers that demand quick action
- Job opportunities that ask for upfront fees or transfers
Faster payment tools and real-time apps make it easier to move money quickly and harder for banks to stop fraud before it happens.
Stop. Verify. Stay in control.
Slowing down can make the difference between losing money and protecting your accounts.
- Take a moment before sending money, especially if the request feels rushed.
- Verify instructions using a trusted phone number or go directly to the website. Do not call the number or click any link provided in the message.
- Treat any last-minute payment change as a reason to double-check.
- Remember, Columbia Bank will never ask for a one-time code in a call or message that we initiate.
Fraud can happen to anyone. If you think you’ve been a victim, call Columbia Bank right away at 866-486-7782.
