How to Spot a Fake Banking App

We want to make the public aware of a scam by fraudsters using a fake banking app. This is a very shrewd way of taking money from people and is specifically targeted. The target market for this scam appears to be websites that allow people to buy and sell new or used items online.

We recommend that you be very vigilant of potential buyers who show you a screenshot of a bank transfer like the one below. It has been used to wrongly claim money that has been transferred to your account.

Also, as further evidence to deceive the seller, it has copied the Credit Union logo onto the front-end screen. These fake apps can be bought online and designed to mimic legitimate banking apps.

We highly advise that sellers on online sites never release their goods until they have received payment, either as cash in hand or as a confirmed deposit in their bank account. Verifying your bank balance online is quick and easy, ensuring that the payment has been successfully processed before handing over the item.

As of the 9th of January, 2025, all financial institutions must have the facility available to offer instant payments as an option. This is the safest way to ensure that you receive the money for the goods you are selling. Therefore, all banks, credit unions, savings, and current accounts now support SEPA Instant payments.

So, if you are the seller you should inform the purchaser when agreeing to the sale by credit transfer that you will only accept an instant payment to complete the transfer. This will ensure that if it is a legitimate banking app the money will be in your account within 10 seconds and provides safety and security for the seller in preventing any face-to-face confrontation.

If the payment does not appear within that timeframe, do not hand over the goods.

If you have any doubts, contact your bank or credit union to confirm the transfer. Do not rely on the buyer’s assurances that the money will arrive the next morning, after the weekend, or the following business day due to banking hours. If you haven’t received the cash, do not release the goods.

Protect yourself, your goods, and your money.