Fintech Finance

DECEMBER 16, 2024

Preventing Authorised Push Payment (APP) scams is one of the Payment Systems Regulators (PSR) top priorities. APP scams happen when victims are tricked into sending money to fraudsters posing as legitimate payees. The PSRs data shows that in 2023 alone, APP scams cost UK consumers 341 million. of the losses (107.2

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Scams Romance Scams Consumer Payee 59

Neopay

DECEMBER 17, 2024

A new report from PSR shows how fraudsters exploit major platforms to scam consumers. APP scams happen when victims are tricked into sending money to fraudsters posing as legitimate payees. The PSRs data shows that in 2023 alone, APP scams cost UK consumers 341 million. of the losses (107.2 million in losses.

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Scams Romance Scams Consumer Payee 52

The Fintech Times

AUGUST 2, 2024

“Notably, while other types of APP scams are declining, romance scams are on the rise, indicating a pressing need for increased efforts to combat these crimes. The government must intensify its awareness campaigns, and payment firms need to enhance their protective measures.

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FICO

FEBRUARY 25, 2022

Despite preventative measures such as Confirmation of Payee (COP), stories of distraught victims losing large sums to clever scammers have not gone away. Is the payee account one that other customers have paid into on a regular basis? With more contextual data the bank could make a different and more customer-friendly decision.

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Seon

APRIL 18, 2024

Often, the fraudsters enter through impersonation, a romance scam or another type of social engineering fraud scam. APP fraud’s end goal is the transfer of money to an account controlled by a fraudster for something that never existed in the first place – be it goods, services or under the guise of “help.”

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FICO

FEBRUARY 9, 2023

million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%. These are the known figures, but there will be far more unreported incidents, such is the embarrassment felt by those who have fallen victim to scammers, for example, a romance scam.

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