Combatting fraud from scams with FICO

Banks invest heavily to protect their customers, but protection is difficult when a customer becomes the victim of a scam and unknowingly sends money to a criminal directly from their account. Losses from Authorised Push Payment (APP) schemes cost victims over £355 million in the UK in first half of 2021, a 71% year-over-year increase. While fraudsters showed a propensity to perpetrate these schemes against personal accounts (£296.1 million), business accounts (£59.2 million) were also significantly impacted. Across the globe, APP scams are growing in both scope and impact, with huge consequences for consumers.