All But 2 Banks Silent on Whether Victims Will Be Forced to Cover First £100 of a Fraud Claim
- 7 months 2 weeks ago
- Fraud Detection
A quarter of fraud victims may end up getting no refund at all despite new rules designed to force banks to reimburse money lost in bank transfer scams, according to new research from personal finance site Finder.
The Payments Association Invites Incoming Chancellor to Show Leadership, Unlock the Potential of UK Payments as an Enabler of Growth, and Effectively Combat Fraud
- 7 months 3 weeks ago
- Fraud Detection
On the day that the United Kingdom heads to the polls to vote in the General Election, The Payments Association, which celebrates innovation and collaboration across the industry, has drafted a letter to the UK’s new Chancellor of the Exchequer. The letter will be delivered following today’s election, when the position has been filled, and will highlight the payments community’s priorities for the sector.
APP Scams Are the Most Dangerous Type of Fraud, According to The Payments Association Report
- 7 months 3 weeks ago
- Fraud Detection
Decision-makers from payments businesses across the UK have identified Authorised Push Payment (APP) fraud as the top threat to both their businesses and consumers. This is according to the first findings of an in-depth financial crime survey by The Payments Association, which champions innovation and collaboration across the industry, due for full publication later this month.
Trustfull Launches Silent Onboarding to Fight Rising Synthetic Identity Fraud
- 8 months 2 days ago
- Fraud Detection
Trustfull, the Digital Risk Intelligence company, has announced the global launch of Silent Onboarding, a new solution to provide a first line of defence against the rising threat of synthetic identity fraud.
Ravelin: UK Becomes the Fraud Capital of the World
- 8 months 1 week ago
- Fraud Detection
The UK is fast becoming a global hotspot for online fraud, which is having a devastating impact on both businesses and the economy. New research from fraud prevention platform Ravelin shows online fraud is increasing globally but has grown more in the UK in the last 12 months than any of the ten countries surveyed, including France, Germany, Italy, America, Brazil, Australia, and Mexico.
The Payments Association Calls on New PSR Head to Immediately Delay APP Fraud Implementation to Prevent Irreparable Damage
- 8 months 2 weeks ago
- Fraud Detection
Following the resignation of the Managing Director (MD) of the Payment Systems Regulator (PSR), taking effect on 7th June 2024, The Payments Association, which celebrates innovation and collaboration across the industry, has today produced and shared a private Briefing Paper for the new interim MD, David Geale, to highlight the community’s concerns, as well as prioritised proposals that would benefit from immediate attention in the run up to the... more
Sumsub Joins Mastercard Engage Partner Program to Enhance User Verification and Fraud Prevention
- 8 months 3 weeks ago
- Digital Identity, Fraud Detection
Sumsub, a global full-cycle verification platform, has joined the Mastercard Engage Partner Program as a technological partner focused on Digital First solutions. Sumsub will provide its full suite of verification and anti-fraud solutions to secure customers’ onboarding and ongoing compliance journey.
AU10TIX Q1 2024 Global Identity Fraud Report Identifies Online Gaming Industry as New ID Fraud Hotspot
- 8 months 3 weeks ago
- Fraud Detection
AU10TIX, a global technology leader in identity verification and management, today released its Q1 2024 Global Identity Fraud Report. Drawing insights from millions of transactions processed around the globe from January to March 2024, the report uncovers significant trends in large-scale organized identity fraud. Most notably, the online gaming industry’s share of fraud increased by more than 250% over Q4 2023. However, the payments sector... more
Over a Third of Fraud Attempts Targeting Financial Institutions Now Use AI
- 8 months 3 weeks ago
- Fraud Detection
Signicat, the European leader in digital identity and fraud prevention solutions, today announces a new report on the growing threat of AI-driven identity fraud in partnership with independent consultancy Consult Hyperion. The research reveals that fraud prevention decision-makers across Europe are experiencing more AI-driven identity fraud and expect it to grow, but are unprepared to tackle it, and haven’t been able to implement measures to... more
Pay.UK’s Fraud Detection Pilot Exceeds Expectations, Detecting Over £112M Worth of Fraud
- 8 months 4 weeks ago
- Fraud Detection
Pay.UK, the independent, not-for-profit operator of the UK’s national retail payments system including Faster Payments, Bacs and Direct Debit, can today announce the results of its pioneering fraud detection and prevention pilot in collaboration with partners Visa, Synectics Solutions and Featurespace.
Featurespace's Pilot with Pay.UK Again Demonstrates the Potential for National Payments Systems to Help Combat Fraud
- 8 months 4 weeks ago
- Fraud Detection
Leading AI-powered fraud and financial crime prevention company, Featurespace, has today announced the results of a major pilot with the independent, not-for-profit operator of the UK’s national retail payments system including Faster Payments, Bacs and Direct Debit, Pay.UK, to protect UK consumers from Authorised Push Payment (APP) fraud.
Currencycloud Partners with Form3 to Boost Confirmation of Payee Fraud Detection Offering in the UK
- 8 months 4 weeks ago
- Fraud Detection
Form3, the cloud-native account-to-account platform, today announces that Currencycloud, a Visa solution focusing on simplifying business in a multi-currency world, has selected them to provide account verification technology to support Confirmation of Payee (CoP) activity, designed to reduce fraud in the UK.
Fraud Remains a Major Problem as Over £1 Billion is Stolen by Criminals in 2023
- 9 months 5 days ago
- Fraud Detection
UK Finance today releases its 2024 annual fraud report, detailing the amount its members reported as stolen through payment fraud and scams in 2023.
Proof and Socure Partner to Combat Fraud and Forgery in the $200 Trillion Exchanged Through Contracts, Authorizations, and Forms
- 9 months 1 week ago
- Fraud Detection
Proof, the market leader for remote online notarization and identity-secured transactions and Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today announced a new partnership.
Visa Announces Generative AI-Powered Fraud Solution to Combat Account Attacks
- 9 months 2 weeks ago
- Artificial Intelligence, Fraud Detection
Threat actors are leveraging sophisticated technologies, like automated scripts and botnets, to amplify their card-testing attacks, allowing them to exploit vulnerabilities at an unprecedented scale and speed. These attacks, known as enumeration attacks, inflict operational expenses and $1.1B annually in fraud losses, accounting for a significant portion of global fraud.
