Payment fraud is seen by criminals to be a low-risk crime, with little chance of being caught or prosecuted. The faster movement of funds and the availability of anonymous payment methods also makes life easier for fraudsters. It is clear that much work still needs to be done but the payments industry has solutions to offer and encouraging data from the first half of 2022 shows an overvall decline in fraud losses.
So, what’s the current state of play when it comes to scams? And what can the payments industry do to make life harder for the fraudsters?
Following a series of interviews with key stakeholders from across the UK financial services (FS) industry, specifically payments firms, this whitepaper investigates current trends, the impacts of scams on consumers and businesses, offers insight into the solutions and technologies to provide the best protection, delves into the criminals who are at the heart of these activities and looks at the roles and responsibilities of key stakeholders within the industry when tackling scams.
The whitepaper also provides 5 key recommendations for the payments industry, regulators and the government.
Thank you to our Project Partner Visa for supporting this research. Download the whitepaper to see what our community members and leading industry experts have to say on protecting the sector.