The UK is home to the most sophisticated Authorized Push Payment (APP) scams in the world. In 2019, banks’ losses of £456 million nearly equaled the £470 million attributed to card not present (CNP) fraud. Now, in 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic. FICO has just published my new Q&A on t…

Last week I shared FICO’s insights into fraud patterns related to spending on medical devices, including personal protective equipment (PPE) and medical devices such as nebulizers. This post examines whether increased food deliveries are causing a similar rise in food delivery fraud. Home food delivery has skyrocketed during the pandemic; from January to July 2020,…

With ambitious goals to open up banking and decimate fraud, PSD2 has taken a long time to deliver, and we’re not quite there yet. In many European Union countries, the implementation of Strong Customer Authentication will become a reality in the coming months – but are they ready? And perhaps more importantly, are their customers? PSD2 requires security measures to…

Nothing presents more opportunities to fraudsters than change, and 2020 has served up plenty. As the COVID-19 pandemic has unfolded, we’ve seen rapid change in a wide range of consumer behaviors. This has yielded a rise in medical equipment fraud and put banks’ fraud detection systems into overdrive. Luckily, the FICO^® Falcon^® Platform incorporates advanced AI and mac…

I recently had the honor of participating in a session on Fraud and Financial Crimes Convergence at the Aite Financial Crime Forum.  The insightful panel included Chuck Subrt from Aite, Heather Allen from Peoples Bank, Erick Kraus from FIS and Brent Wellington from Ally Bank. For those of you that missed it, and even those who caught it but want a refresher, h…

Having become a pro at Zoom meetings during the pandemic, I’m excited to up my game a notch this Wednesday, September 30. I’ll be participating in an excellent panel, “Balancing Fraud Prevention & the Customer Experience,” at the first virtual edition of CBA LIVE, the must-attend annual event for the retail banking industry. What’s great about virtual conferences…

Trust goes both ways – particularly when it comes to customer identity management, and especially in the banking sector. We set out to find out whether banks are in-step with their customers when it comes to how they ensure that those opening accounts are who they say they are, and that people accessing existing accounts are the legitimate account holders. To find…