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In February 2018 Australia launched their New Payments Platform for use by consumers. These schemes represent a major change to the payments landscape for the countries involved. The perception may be that payments using these are instant — the reality is that clearing of them isn’t.
The UK is home to the most sophisticated Authorized PushPayment (APP) scams in the world. In 2019, banks’ losses of £456 million nearly equaled the £470 million attributed to card not present (CNP) fraud. Now, in 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic.
The UK is home to the most sophisticated Authorized PushPayment (APP) scams in the world. In 2019, banks’ losses of £456 million nearly equaled the £470 million attributed to card not present (CNP) fraud. Now, in 2020, APP scams are expected to eclipse card fraud, fueled by niche schemes related to the COVID-19 pandemic.
New digital payments channels and methods will grow next year, giving new opportunities for fraudsters and scammers. 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. FICO Admin. Tue, 07/02/2019 - 02:45. by TJ Horan.
In the past year, three major economies — the Eurozone, the USA and Australia — have gone live with real-time payments schemes, Canada will follow in 2019 and many other countries are on the road to implementing real-time schemes. Real-Time Payments Equal Real-Time Crime. Fraud Using Real-Time Payments will Impact Businesses.
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