Consumers National Bank’s Post

Authorized Push Payment Fraud (APP) is a hot topic 🔥 • In the United Kingdom, the mandatory reimbursement requirement for authorized push payment (APP) fraud comes into force on Oct. 7. • The new rules will require UK payment service providers to reimburse all in-scope customers who fall victim to APP fraud, save for limited exceptions. • U.S. governing entities have offered opinions, held hearings and even intro'ed new legislation... but how far this all goes is the million dollar question (well, many millions) #Fraud #AboutFraud #AboutLiabilityDebate  

Authorised Push Payment Fraud (APP) reimbursement scheme – is this good news for consumers or an opportunity for fraudsters?   In an effort to combat the rise of APP, a reimbursement scheme was introduced by the Payment Systems Regulator and became mandatory on 7 October 2024.   There is concern however that the compensation scheme itself might be the victim of fraudsters.   Will Thompson and Leigh Callaway summarise the scheme & discuss what this could mean for consumers: https://lnkd.in/eyDYbNaf

Yesterday, the new APP fraud reimbursement rules came into effect. This change is significant both financially and practically, and it may directly impact your role. Our recent article provides an overview of the new rules and who they affect. In this piece, we aim to help you prepare for the claims that Payment Service Providers (PSPs) might face, offering practical suggestions and solutions. ➡️ For more insights to help you plan for what's next, read the full article: https://lnkd.in/evpGrVER Our Tenet team would be happy to arrange an initial meeting to better understand your business and explore how we can support you moving forward: https://lnkd.in/ecwF987H #TenetArticle #FraudPrevention #APPFraud

While opening my laptop and having my morning coffee when working from home this morning, big news mentioned by the BBC caught my attention. The newest PSR (Payment Systems Regulator) regulation will come into effect as of October 7th, dropping the maximum reimbursement limit on APP fraud from £415k to £85k. However, consumers are still being hit by scams extensively, with 4752 APP scam cases reported in a recent month 😱 (more on the stats from the BBC breakfast here: https://lnkd.in/dR2Y_V58). My question to my network of customers that we serve is, are you ready for the impact of the changes in regulations and doing your best to keep your business and consumers safe from scams? Do you want to do more? We strive to work together to protect customers whether businesses and consumers alike from the growing concern and impact of scams. You can learn more here: https://lnkd.in/eiMRmRDt #mastercard #scamprotect

Accidental deposit scams involve fraudsters using mobile payment apps to trick users into sending them money. Be cautious: what seems like an accidental transfer could be a scam, potentially leaving you liable for fraudulent charges. Read more: https://loom.ly/GWxMLuo Stay vigilant and protect your finances. #ScamAlert #MobilePayments #AccidentalDepositScams

⚠️Beware of common scams.⚠️ With fraud on the rise, we want to make you aware of frequent schemes and help you avoid them. Scammers will try to get you to send money through mobile payment apps because they know once you do, it's hard for you to get it back. Help keep your money safe with these tips: 🔒 Know your recipient. Never wire money to a stranger 🔒 Verify before clicking or opening an email or text message 🔒 Double-check the email address 🔒 Beware of a sense of urgency

Yesterday, the new APP fraud reimbursement rules took effect (7 October), marking a significant change both financially and practically. This update may directly impact your role. Our recent article provides an overview of the new rules and their effects. This piece aims to help you prepare for claims that Payment Service Providers (PSPs) might face, offering practical tips and solutions. 👉For more insights and to help you plan ahead, read the full article: https://lnkd.in/er54gjZC 👉Our Tenet team is here to support you. For any questions or advice please contact the Team: https://lnkd.in/eJcigsAX #TenetArticle #APPFraud #FraudDetection #FraudPrevention

APP Fraud is the fastest growing and most worrying fraud out there today! Strogn words, but ignore this articles talk of Labour and general elections, the real part of the story is who should be accountable! Social Media, Banks, Fintechs or should we be asking the government to fund education, surely this si the best tool against any fraud? Jessica Cath, head of financial crime at Thistle Initiatives, a compliance consultancy for financial services. “Multi-industry responsibility and collaboration would make APP fraud prevention much more effective – for example, if social media and telecom companies were encouraged to share suspicious behaviour related to a phone number or social media profile, they could be linked to bank accounts. This would make the identification and elimination of fraud networks far easier. The most insightful quote in the article, in my opinion, is below from Jessica Cath, head of financial crime at Thistle Initiatives “That said, we must consider the unintended consequences, too. Pulling tech firms into reimbursement still focuses on providing a safety net for consumers. It wouldn’t encourage consumers to be more careful; instead, it says, ‘Don’t worry if this turns out to be fraud; you’ll get the money back if so’. To ensure the best fight against fraud, there needs to be a balance of both customer awareness and responsibility, as well as better detection, prevention and reimbursement in certain circumstances.” Peter Taylor, ACFS Tony Sales The Payments Association Innovate Finance

Such helpful tips and reminders for those you love shopping at the holidays (and all year long!) - How you can be Smarter than Scams:

🌟 Exciting News! 🌟   Our Head of Financial Crime, Jessica Cath, shared her thoughts with The Fintech Times on the importance of balancing customer awareness and responsibility in combating APP fraud. Her insights highlight the need for collaboration across sectors to enhance fraud prevention and ensure robust security measures. Read the full article for valuable insights into the future of financial crime prevention: https://lnkd.in/ekH3MCvJ #financialcrime #CustomerAwareness #APPFraud #FintechTimes #IndustryInsights #FinancialSecurity #FraudPrevention