Mike Chambers’ Post

The role of Request to Pay solutions in mitigating APP fraud https://bit.ly/3WLv9cN

The role of Request to Pay solutions in mitigating APP fraud https://bit.ly/3WLv9cN

The role of Request to Pay solutions in mitigating APP fraud https://bit.ly/3WLv9cN

The new APP fraud rules have been shaking things up for PSPs. In our latest article, we cover the basics that both PSPs and customers need to know. https://lnkd.in/ezcYwkUa

Fraud As A Service! Oh gosh!!!! Eduardo Pires presented the evolution of Fraud As A Service over the past four years. App Cloner software basically allows a consumer to run an app on a mobile phone in incognito mode and can even give them a unique phone number for each instance!! Eeekkkk!!!!! These are highly configurable apps and you can customize the devices, the IMEI, WiFi/MAC, Bluetooth, etc…… Also saw image photo fake tech Now you can fake the camera….you can blink, open your mouth, turn your head and you can stick anyone’s you wants face on it. So the companies who have been using facial videos, phones, etc… now are experiencing onboarding fraud. Ugh! 😑 This allows someone to commit fraud at a large scale, we got to see the fraudsters labs in photos! Wow!!! If you didn’t have FOMO for #mrcSoutheastasia24 you should now!

Earlier this month, new rules were introduced about reimbursing victims of Authorised Push Payment (APP) scams. But, what is an APP scam?! APP scams happen when someone tricks you into sending money or sharing personal details under false pretences, often pressuring you to act before you’ve had time to think. These new changes mean stronger protection for most victims, with each claim of APP scams being fully investigated. Want to know more? Head over to our website for more information about APP scams and how these rules impact you: https://lnkd.in/ew-3NFGT Take Five to Stop Fraud

Peer-to-peer (#P2P) payment apps are great for convenience - they allow you to send money to people you trust, fast and without fees. But are they also a little too convenient for fraudsters? Some lawmakers think so. A popular P2P app is under scrutiny for allegedly not doing enough to protect consumers from #fraud - or to reimburse fraud victims. SAS' James Ruotolo tells GARP Risk Intelligence that "the problem will get worse" as scammers adopt #GenAI technology. But, he says, GenAI could also be key to better fraud detection. http://2.sas.com/6042WiKCu

Peer-to-peer (#P2P) payment apps are great for convenience - they allow you to send money to people you trust, fast and without fees. But are they also a little too convenient for fraudsters? Some lawmakers think so. A popular P2P app is under scrutiny for allegedly not doing enough to protect consumers from #fraud - or to reimburse fraud victims. SAS' James Ruotolo tells GARP Risk Intelligence that "the problem will get worse" as scammers adopt #GenAI technology. But, he says, GenAI could also be key to better fraud detection. http://2.sas.com/6044laYWw

Mandatory reimbursement for APP fraud: What payment service providers need to consider ahead of implementation https://lnkd.in/eJmJEZbu

This Fraud Awareness Week, Authorised Push Payment (APP) scams are in the spotlight. An APP scam is where a fraudster manipulates, deceives or persuades a victim into transferring funds into the fraudster’s account. Visit our APP Scams page to find out more: https://upl.inc/ys58ps   #APPScams #FraudAwarenessWeek2024 #BigPictureBanking