NEW WHITE PAPER Authorised Push Payment Fraud: The perfect storm that devastates lives

The rise of Faster Payments networks and growing customer expectations of a smooth if not friction-free banking experience is creating the ideal conditions for APP Fraud.

In an Authorised Push Payment scam, a criminal tricks his victims into sending money directly from their bank account to an account controlled by the scammer. In essence, this is a human hack that bypasses the controls and cyber defences put in place by banks and financial institutions,

In the UK, one of the few countries to track this emergent fraud in detail, £354m was lost through APP scams in 2018, a rise of 50% on the previous year. The number of reported cases almost doubled and reached 84,624 in 2018. Not only is APP Fraud becoming more prevalent, it is also accounting for a larger share of the money stolen through all types of banking fraud.

In this whitepaper, you will learn:

  • The anatomy of the APP Fraud,
  • The drivers and effects of this insidious type of fraud,
  • What banks and financial institutions can do to combat it.

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