FICO

OCTOBER 20, 2020

The UK is home to the most sophisticated Authorized Push Payment (APP) scams in the world. Now, in 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity? Q: How is FICO leading the way?

Scams 52

Scams Push-to-Card Irrevocable Payment Irrevocability 52

FICO

OCTOBER 20, 2020

The UK is home to the most sophisticated Authorized Push Payment (APP) scams in the world. Now, in 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity? Q: How is FICO leading the way?

Scams 40

Scams Push-to-Card Irrevocable Payment Irrevocability 40

FICO

NOVEMBER 19, 2019

million was lost to APP scams an increase of 71 percent compared to the same period in 2020. This crime has been facilitated by the advent and popularity of UK Faster Payments; we all appreciate the ability to send money instantly – that includes fraudsters.

Irrevocable Payment 52

Irrevocable Payment Irrevocability Scams Faster Payments 52

FICO

DECEMBER 20, 2022

For every story about real-time payments making it easier for people to send money to others in desperate need, there seems to be a parallel story about scams. Scammers can hide in plain sight and use social engineering and direct outreach to consumers to coerce individuals to make instant, irrevocable payments.

Digital Payments 52

Digital Payments Scams BNPL ACH 52

FICO

NOVEMBER 19, 2019

This crime has been facilitated by the advent and popularity of UK Faster Payments; we all appreciate the ability to send money instantly – that includes fraudsters. Until recently the liability for losses from these scams was generally set by the victim’s bank; with no uniform rules, the bank could decide to reimburse the customer or not.

Irrevocable Payment 40

Irrevocable Payment Irrevocability Faster Payments Payee 40