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FICO has just published my new Q&A on the topic of APP scams , and how a combination of converged fraud and compliance infrastructure, along with advanced authentication measures, are powerful scam-fighting solutions. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity?
As the Which Super Complaint points out, with APP fraud UK consumers and businesses have been left unprotected, compared to other payment methods. Banks have given customers the ability to make real-time, irrevocablepayments but have not given them protection if something goes wrong.
First and foremost is the fact that banks have higher hurdles in authenticating and verifying consumers. As Samy told Webster, there are obstacles in crafting a smooth digital experience that replicates the physical interactions with banks.
FICO has just published my new Q&A on the topic of APP scams , and how a combination of converged fraud and compliance infrastructure, along with advanced authentication measures, are powerful scam-fighting solutions. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity?
As the Which Super Complaint points out, with APP fraud UK consumers and businesses have been left unprotected, compared to other payment methods. Banks have given customers the ability to make real-time, irrevocablepayments but have not given them protection if something goes wrong.
What scammers see here is a big patchwork of payment options that offer a way to take money directly from consumers, and that change popularity with the social media tides. Scammers can hide in plain sight and use social engineering and direct outreach to consumers to coerce individuals to make instant, irrevocablepayments.
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