Cybercriminals trick victims into transferring funds to “reverse” instant payments

Cybercriminals are targeting victims with a sophisticated phishing and social engineering scam which results in victims unwittingly sending funds to the actors using digital payment apps. The actors take advantage of payment apps connected to bank accounts. These payment apps are meant for the quick transfer of funds between registered users, with only the recipient's email or mobile number needed to initiate an instant payment transaction. The scam starts when cyber actors send financial institution customers an automated text message

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