UK losses to authorized push payment (APP) scams are on track to exceed card-notpresent fraud: what can banks do?

“Behavioral analytics is another development that can help to detect APP scams.

Executive Brief

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.