While headway has been made in the fight to protect consumers against APP (Authorised Push Payment) fraud, the UK’s Payment Systems Regulator is pursuing plans to make reimbursement mandatory for victims of such scams.
Indeed, most UK banks have signed up to a code of reimbursement — but according to many, this doesn’t go far enough. Crucially, there is a great deal more banks could do to leverage their data and the latest technology to prevent these attacks in the first place.
With more contextualised and dynamic services, bank customers can be empowered to become more attuned to nefarious activity. This may obviate the potential risk that consumer complacency can set in if the burden of responsibility lies solely with the banks.
Banks need to come away from any notion that friction is their customer service enemy. It isn’t. Important considerations for banks include verification of the person engaging with the customer, improved flagging of obviously anomalous transactions, real-time intervention when flags are raised, and greater protection of non-mobile channels, which arguably serve customers who may be more vulnerable to scams. Ultimately, the guiding principle is that banks must fashion themselves as a trusted communication source.
Sign up for this webinar, hosted in association with Finextra and join a panel of industry experts as they discuss:
- The current state of APP fraud, and why are tougher measures being introduced?
- The different approaches to the prevention of such scams? Are banks making full use of the mobile technology they have at their fingertips?
- How likely are we to see fraud levels increase still further
Speakers
- Anna Milne - Senior Editor, Finextra [Moderator]
- Dan McLoughlin - Field CTO EMEA and APAC, OneSpan
- more speakers to be announced soon