The UK is home to the most sophisticated authorized push payment (APP) scams in the world, with banks’ 2019 losses of £456 million nearly equaling the £470 million attributed to card-not-present (CNP) fraud in the same year. In 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic.
In this Q&A, Matt Cox explains the UK’s unique APP scam landscape and regulatory environment, and how a combination of converged fraud and compliance infrastructure, along with advanced authentication measures, are powerful scam-fighting solutions within banks’ reach.
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