The Combatting APP Fraud report outlines how upcoming PSR rule changes will drive banks to adopt inbound transaction monitoring and collaborative intelligence.
There has been much discussion over the past year on the rise in APP fraud, and the potential impact of the regulations designed to combat it. The conversation often revolves
Join your fellow members at our popular networking event – establish new contacts and sales leads. The event will run between 18:00 – 21:00 GMT on Tuesday 3 December 2024
The Payments Association’s Cross-Border working group, with the support of Benefactor Payall, has launched its latest report: ‘The impact of APP fraud on cross-border payments’. The whitepaper presents the challenges
The new Reimbursement Claims Management System (RCMS) aims to simplify APP fraud claim processing, enhance PSP cooperation, and ensure adherence to updated compliance standards
The challenges financial institutions face under SEPA Instant Credit Transfer regulations and explores how advanced technologies can help overcome them.
The FCA’s latest guidance proposes a risk-based approach allowing payment service providers to delay outgoing payments to combat APP fraud, balancing fraud prevention with consumer protection.
As the threat of quantum computing looms, how can the payments industry safeguard against the quantum decryption capabilities that could undermine global financial security?
The Financial Crime 360 survey reveals how the industry is tackling evolving threats like AI-driven fraud, emphasising the need for collaboration, innovation, and updated regulations to effectively combat financial crime in 2024.
Join us as we propose changes responding to the PSR new consultation on the maximum reimbursement level for APP scams, effective from 7 October 2024. The new proposed cap is
As mobile wallets rise, so do fraud risks—this BPC guide highlights top threats and essential strategies to protect your digital transactions.
The PAY360 State of the Industry 2024 survey reveals key trends, challenges, and opportunities in the payments sector, emphasising the need for technological investment, enhanced security, and regulatory adaptation.
Banks must quickly adapt to ISO 20022, leveraging strategic partnerships to overcome legacy system challenges and meet the March 2025 compliance deadline.
Regulatory changes in BNPL, cVRPs, and digital wallets aim to boost e-commerce innovation and competition while safeguarding consumer protection and market stability.
The Bank of England has recently published a paper on its approach to innovation in money and payments (click here to view). The paper aims to understand what the industry thinks
From 7 October 2024, UK financial institutions must reimburse APP fraud victims. FinCrime Dynamics’ SaaS service helps banks identify vulnerabilities, quantify losses, and improve fraud defences.
The rise in online payment fraud has led nearly 98% of industry leaders to enhance security with identity verification and facial biometrics.
A deep dive into the Financial Crime 360 survey, highlighting key challenges, prevalent fraud types, and strategic responses across various financial sectors
This event is a unique opportunity for members to debate de-banking and de-risking and understand the direction it may take within the realm of cross-border payments. Join The Payments Association,
APP fraud is surging, with UK Finance reporting £42.6 million lost in early 2023, prompting calls for stronger consumer protections.
Key findings from Cifas highlights the rising threat of identity fraud and the need for advanced, collaborative solutions.
The new APP fraud reimbursement policy mandates up to £415,000 per claim from October 2024, raising industry concerns over its implementation and impact on smaller fintech firms.
Payment businesses must leverage AI technologies to combat increasingly sophisticated fraud networks and protect digital transactions.
Adopting ISO 20022 is essential for modernising cross-border payments, enhancing fraud prevention, and ensuring seamless interoperability and efficiency in international financial transactions.
With Financial Crime 360 around the corner, Payments Review spoke to some of the leading figures working tirelessly to combat the growing issue of financial crime within the payments ecosystem.
Tony Sales, a former fraudster turned fraud prevention specialist and co-founder of WeFightFraud, shares his perspective on effective strategies and technologies businesses can use to protect against evolving threats.
Exploring the transformative impact of social commerce on consumer behaviour and the lurking risks of online scams.
Exploring Australia’s comprehensive strategy to tackle payment fraud and enhance security across the national payments system.
AI’s data analysis superpowers are revolutionising financial crime prevention, spotting fraud patterns in real-time, even for small transactions, but good data and industry collaboration are key.
From 7 October this year, all consumers who are victims of automated push payment (APP) fraud paid via faster payments must be reimbursed within 5 business days, with the cost split equally between the paying and receiving payment service providers (PSPs)
Get the 360 experience with a delegate pass. Our mantra: We do not choose speakers who read from a PR script. We focus on programming complex challenges into fresh and
This two-day course covers the fundamentals of the card payments ecosystems. The first day covers the mechanics of card payments, introducing ecosystem actors and mechanisms (e.g. authorisation, clearing and settlement),
In 2023, the UK government committed £100 million and 400 new fraud officers to reduce fraud by 10% by 2025, amid increasing social media and deepfake scams, according to IDnow’s UK Fraud Awareness Report.
The 2024 assessment reveals evolving financial crime trends, including AI fraud and social media exploitation, providing crucial insights for payment firms to fortify consumer trust and operational security.
ComplyAdvantage acquires Golden to enhance its AI-driven financial crime risk management solutions with advanced data integration capabilities
As real-time payment adoption grows, 50% of European firms are already involved, with another 42% planning to join, highlighting the balance of challenges and benefits in managing financial crime.
AI has the potential to solve some of the biggest challenges faced by financial institutions. But how can we navigate this ever-evolving landscape to our advantage? From machine learning, and
The Payment Systems Regulator (PSR) has set 7 October 2024 to implement the new mandatory reimbursement rules for victims of authorised push payment (APP) fraud. Why it matters The proposed
AI has been a hot topic in the financial services sector for some time and the topic keeps gathering momentum. It is clear, AI has many potential use cases, such as: helping firms scale up their business; making better informed strategic business decisions; and supporting the efficient and effective delivery of regulatory compliance to name just a few potential use cases.
Exploring how to combat AI-powered identity fraud without reverting to outdated physical verification methods, amidst a rising tide of sophisticated fake ID creation tools
Recent findings by PwC reveal that in the past two years, over half of all businesses have faced incidents of fraud, corruption, and other economic crimes. Additionally, 49% of CEOs
In the first half of 2023, UK Finance reported authorised push payment (APP) fraud losses amounting to £293.3 million, with the total number of APP cases increasing by 22%. The nature of authorised push payment (APP) fraud was harrowing – victims were willingly initiating and authorising payments into controlled accounts, often driven by criminal manipulation or misinformation.
There is an increasing need for enhanced data sharing in the payments industry to combat the rising threat of financial crime, specifically money laundering and online-enabled fraud.
Andrew Novoselsky, Chief Product Officer at SumSub explores why Payment fraud poses a substantial challenge to the payments industry, and why its severity is anticipated to escalate in the coming years.
After the peak of APP Fraud losses in 2021, CoP contributed to a 17% reduction in 2022, despite over 100,000 cases amounting to £482 million. However, implementing CoP takes a
In a decisive move to fortify the financial sector against the ever-evolving threat of authorised push payment (APP) scams, the recent policy statement PS23/4, issued in December 2023 by the
The 2024 Veriff Fraud Report is compiled after extensive analysis of our global customer data throughout 2023. This data shows the real story of what it’s like on the frontline
As the digital landscape continues to evolve at an unprecedented pace, the payments industry finds itself standing at the intersection of innovation and transformation.
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