Letters of Credit: A Mechanism for Payment, Not Immunity From Liability

Authorised push payment (“APP”) Fraud, where victims are tricked into sending money to criminals, is on the rise and there are threat actors specifically targeting the commodities and shipping sectors. In this article, we look at how APP Fraud happens, how to respond and what you can do to prevent it.

Earlier this year, UK Finance1 reported that losses caused by authorised push payment (“APP”) Fraud, where victims were tricked into sending money to criminals, totalled over £450m in 2024. Worryingly, HFW has identified threat actors which are specifically targeting the commodities and shipping sectors. In one particular instance, the threat actor was linked to over a thousand email domains, most of which sought to impersonate well-known companies in the sector, ranging from commodities traders, ship owners and charterers, to brokers, insurers and service providers such as classification societies.

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Published by Holman Fenwick Willan

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