Finnus’ Post

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

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

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

🚨 Beware of Digital Payment Scams! 🚨 As the use of digital payment apps like Zelle and Venmo rises, so do the risks of fraud and scams. Consumer Reports highlights the increasing financial losses incurred by consumers on these platforms and the lack of adequate protections. With more than $210 million reported in losses to scams in 2023, it's crucial for consumers to be vigilant when using these apps. Consumer Reports calls for additional protections and improvements, urging payment app providers and regulatory bodies to strengthen safeguards for consumers. Pending legislation aims to enhance protections on P2P platforms, but it's essential for users to take precautions and only transact with trusted individuals. Stay informed, stay safe! #DigitalPayments #ConsumerProtection #FraudPrevention #Edenred

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

Behind the Scenes of Our APP Fraud Whitepaper Our Cross-Border Working Group, supported by Payall Payment Systems, Inc. has been hard at work on a groundbreaking whitepaper tackling APP fraud in cross-border payments. From identifying the most targeted channels by fraudsters, challenges for our industry, and the implications of the new reimbursement rules, this research dives into the global picture of APP fraud. You can pre-register our whitepaper today and receive it straight to your inbox next week - https://lnkd.in/en2WGbJx #FasterPayments #APPFraud #PaymentsSecurity #CrossBorderPayments #FraudPrevention #Whitepaper Dr Nicola Harding, Gary Palmer, Graham Ridley, Mark McMurtrie, Nicole Bossieux

APP Scams Performance Report - July 2024 Official Link: https://lnkd.in/dVBqyNFH The report on Authorised Push Payment (APP) scams reveals both challenges and progress in the fight against fraud in the #UK. Here are some key takeaways: - Overall Losses Decrease: In 2023, £341 million was lost to APP scams, a 12% reduction from 2022. This indicates a positive trend in scam prevention efforts. - Reimbursement Rates Improve: 67% of reported losses were reimbursed, up from 61% in 2022. The introduction of a new mandatory reimbursement framework in October 2024 is expected to enhance these rates further. - Smaller Firms at Risk: Smaller payment firms are experiencing disproportionately high scam rates, highlighting the need for better security measures across the industry. - Consumer Awareness: The report emphasizes the importance of customer education in identifying fraudulent transactions, which is crucial for reducing scam incidents. - Collaboration Needed: Effective fraud prevention requires cooperation among payment providers, regulators, and consumers to create a safer payment ecosystem. As we move toward the implementation of new policies, ongoing vigilance and #innovation will be key in combating #APP #scams. Thank you Payment Systems Regulator Tony Moroney Sam Boboev Arjun Vir Singh Maximilian Salomon David Jimenez Maireles #fraudprevention #payments #consumerprotection #fintech #appscams