BioCatch’s Post

++UK's APP Fraud Reimbursement: A Step Forward, But Challenges Remain++ The proposed reimbursement scheme for APP fraud victims has been announced by the Payment Systems Regulator. However, our research identifies that concerns arise around implementation intricacies. Bespoke approaches are crucial: With diverse customer profiles and a dynamic scam landscape, a one-size-fits-all approach won't work. Banks need flexibility to tailor solutions. Multi-tiered complexity looms: Predicting which reimbursement regime applies in a multi-layered system will be a demanding logistical hurdle. Careful coordination is key. Tech giants remain the elephant in the room: While banks stand ready to implement, 85% of scams originate from tech companies. We urge the Government, PSR, and FCA to: 👉 Boost inter-agency collaboration: Break down silos and work in unison to tackle the root cause. 👉 Increase tech company oversight: Hold them accountable to prevent fraud at its source. APP fraud is a systemic issue, and a unified response is imperative. #APPFraud #FinancialServices #Collaboration #openbanking

Businesses across the UK and beyond are facing an alarming increase in Authorised Push Payment (APP) fraud. 📈 The impact is staggering - according to UK Finance, businesses in the UK alone lost more than £500 million to APP fraud in 2022. As this threat continues to escalate, companies must prioritise implementing robust #fraud prevention measures. ⚠ We asked our CFO, Sean Moriarty for his expert insights into the practical ways that you can combat #APPFraud. 👉 To read more on this topic visit our blog: https://lnkd.in/eFf4YzeJ

Legal tips - After scammers spent years swiping hundreds of millions from Zelle users by inducing people to authorize fraudulent payments, lawmakers were horrified to discover in fall 2022 that "the vast majority" of defrauded Zelle users never got their money back. To regulators, it seemed like Zelle was shirking responsibility for policing this increasingly common fraudulent activity on its payments platform. But now, Zelle has changed its mind and is working harder to protect users from imposter scams. On Monday, Zelle confirmed that at the end of June, the payments app finally started refunding users targeted by scammers. It's unclear if regulators will be satisfied leaving this matter to banks and payment apps, though. There may be just too many people using payment apps to ignore gaps in laws intended to protect against financial fraud. #bankinglaw #zelle #scammers #scam #banking #apps #securitylaw #consumer #consumerprotection

According to figures from industry body UK Finance, APP fraud losses totalled £459.7 million in 2023 This alarming trend has made Authorised Push Payment (APP) fraud one of the most significant financial threats in the country. Where I see some challenges: 👉 Fraudsters often win in APP fraud cases 👉 Upcoming rule changes are pressuring Payment Service Providers (PSPs) to enhance fraud systems 👉 No single solution exists to combat this complex issue In my opinion, while education is crucial, I strongly believe in cross-sector collaboration and real-time fraud intelligence could be a game-changer in flagging suspicious behaviour, however, the key lies in combining the right mix of data, intelligence, and expertise. What innovative approaches have you seen in combatting APP fraud and does cross-sector collaboration to you sound feasible as a multi-layered approach? #APPfraud #paymentfraud #DigitalFraud #fraudprevention

APP fraud: The UK’s mandatory reimbursement requirement In this article for Thomson Reuters Regulatory Intelligence, Joseph Sullivan breaks down a new regulation: starting Oct. 7, UK payment service providers must reimburse victims of APP fraud. Read the full article via the link in the first comment. #fraud #APPfraud #paymentfraud #newregulation #barristerschambers

According to UK Finance, there were reported 116,324 cases of APP fraud in the first 6 months of 2023 and losses amounted to £239.3 million. This represents a big issue for payment services providers who have to deal with reimbursing victims of APP scams. As per the recently published PSR’s APP scams reimbursement policy statement (PS23/4), firms have until 7 October 2024 to address gaps in controls to prevent such fraud. Read KPMG UK's article to explore the key steps firms need to consider taking to get ready: http://spkl.io/604642toE

🚨 Are You Ready for New APP Fraud Reimbursement Regulations! 🚨 Hi, I'm Victoria W. from BeyondFS. Let's take a walk together through an 8 week roadmap to get you safely to 7th October, when the rules go live! For the full roadmap, click the link in this post. 📥 https://lnkd.in/d-cRJi3m And if you need some help – get in touch! #APPFraud #FinancialCrime #RegulatoryCompliance

In 2024 fraud will continue to evolve in payments as technologies and habits change. Last year, regulatory attention was on authorised push payment (APP) fraud — where criminals trick victims into sending them money — using the speed and irrevocability of instant payments availability to their advantage. Tackling fraud is a time consuming business. How are you keeping an eye on how it's evolving, and what the regulatory developments are? In our annual Payments Compliance Outlook report, we explain how organisations can do this - and highlight other key trends in payments regulations to watch in 2024. Get your copy: https://lnkd.in/ecCXrq4v #paymentstrends #fraud #app #compliancesolutions

According to UK Finance, there were reported 116,324 cases of APP fraud in the first 6 months of 2023 and losses amounted to £239.3 million. This represents a big issue for payment services providers who have to deal with reimbursing victims of APP scams. As per the recently published PSR’s APP scams reimbursement policy statement (PS23/4), firms have until 7 October 2024 to address gaps in controls to prevent such fraud. Read KPMG UK's article to explore the key steps firms need to consider taking to get ready: http://spkl.io/60464vSGY

According to UK Finance, there were reported 116,324 cases of APP fraud in the first 6 months of 2023 and losses amounted to £239.3 million. This represents a big issue for payment services providers who have to deal with reimbursing victims of APP scams. As per the recently published PSR’s APP scams reimbursement policy statement (PS23/4), firms have until 7 October 2024 to address gaps in controls to prevent such fraud. Read KPMG UK's article to explore the key steps firms need to consider taking to get ready: http://spkl.io/60494aVrZ