Pay.UK’s Post

⚔ 👀 We'll soon be publishing new data on the firms most commonly reported by victims as enabling contact between fraudsters and victims. This transparency will provide better data insights to support all sectors, and incentivise action from non-payment sectors to tackle fraud at its source. #appscams #scamprevention #paymentsregulation

The latest Annual Fraud Report from UK Finance. The main headline is that £1.17 billion was lost to fraud in 2023. Some interesting numbers coming out of it including that the total value of APP losses have fallen five per cent since the previous year: although there has been a 12 growth in APP cases, driven by romance and purchase scams. As we head towards the proposed reimbursement rules in October, it will be very interesting to see what this landscape looks like in a years time. #fraud #financialcrime Thistle Initiatives

The Payment Fraud Report, based on data from FraudSMART members, published today reveals that card fraud accounted for 95% of fraudulent transactions and 36% (€35.2 million) of gross fraud losses in 2023. View the report on https://lnkd.in/eXvHYmUG #fraudsmart

Our Chief Business Development Officer, Kate Frankish, recently joined a panel of fellow industry experts at UK Finance’s Economic Crime Congress to review the implementation and impact of the Payment Systems Regulator’s authorised push payment (APP) fraud reimbursement regulations.   In the session ‘APP reimbursement requirement: The implementation and impact of the regulations’, the panel discussed emerging trends since the implementation on 7 October, the impacts on the scale of fraud, as well as the key priorities in the fight against fraud for 2025.   Kate said: “We have seen an increased focus on investment from the payments industry in fraud detection and prevention, and are optimistic that this, alongside continued collaboration, moves us ever closer to achieving a one-system solution to combat fraud.”   Read our full round up article here: https://lnkd.in/eXjHuiKs   #PayUK #Fraud #Payments

Money mules are people who, at someone else’s direction, receive and move money obtained from victims of fraud. Sometimes, money mules do not even realize they are involved in illegal activity and believe they are following an employer’s directions or participating in a legitimate business. These individuals unwittingly enable fraudsters to harm others. The Payments Innovation Alliance recently developed a video to help consumers take precautions to avoid unintentionally becoming a money mule. Check it out here: https://hubs.la/Q02Cj-v80

Your Daily Fraud Awareness Tip No. 6 - NEVER EVER agree to open a Current Account in your own name for the purpose of receiving incoming or transferring payments on behalf of someone else, this is known as money muling, for more tips go https://buff.ly/4fVgB2g #fraudawareness #WeAreHereForYou #FightFraud #IFAW24 #fraudweek

Just published! The FPC Fraud Work Group, sponsored by Verafin, has released its latest industry resource – International Practices in Mitigating Faster Payments Fraud report. Download from the FPC’s Knowledge Center: https://lnkd.in/gJ5vwfqb #FPC #FasterPaymentsCouncil #FasterPayments #RealTimePayments #InstantPayments #Fraud

Nasdaq Verafin is proud to have sponsored this new report from the U.S. Faster Payments Council (FPC) on the growing problem of payments fraud. By leveraging global insights and proven strategies, we can enhance the security and resilience of the U.S. payments landscape. 

December is here and while the festive season brings the sound of Christmas bells, it's the warning bells of fraud that deserve your attention 🚨 Our CCO Sara Cass recently joined a panel of experts in a webinar discussing fraud in the PSP space. Here’s a key takeaway from the session. The good news? You can still catch the webinar on-demand! https://hubs.la/Q02_43Rq0 #AppFraud #Payments #PSP #fraudawareness #fraud

Great collaborating with the U.S. Faster Payments Council and fellow though leaders in the fraud work group to author this report on leading international practices to mitigate fraud and scams in real time payments. Check it out and let me know what you think 👇 Lee Kyriacou, Michael Timoney, Erik Provitt, JD, CFE, Amanda C., Marc Trepanier, Charlie Trainor, Deborah Baxley, R. Andrew Gómez #FPC #FasterPaymentsCouncil #FasterPayments #RealTimePayments #InstantPayments #Fraud