Latest opinions that John Bertrand has shared on Finextra

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John Bertrand

Tec 8 Limited

Member since

03 Apr 2020

Location

London

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John's opinions

Long Finance – The Future of UK Fraud (https://www.zyen.com)

The observation that “The International nature of fraud is not just on the rise, rather it is endemic” sums up the Future of Fraud in a compelling and disquieting manner. There are no simple answers. Imagine in Victim’s Narratives, from the year 2032, “her bank refuses to accept any liability”. This suggests over the next 10 years, “fraud remains ...

27 June 2022 /regulation /crime Banking Strategy, Digital and Transformation

Scammers are Organised, Persistent and Digital

On seeing what looked like a factual internet reporting on Jeremy Clarkson on Day Time TV making money investing in a company using algorithms, a colleague and I agreed to go 50/50 on the €250 initial minimum investment. After filling in the questionnaire, the scammers called me on the number below and took the €250 fee. Upon re-calling the number...

06 June 2022 /payments /crime Financial Services Regulation

Burglaries and Cheques are Disappearing

Burglaries and cheques have since 2019 declined 36% and 47% respectively. Since 2019, Faster Payments and APP Fraud have increased by 34% and 73% respectively. These trends show that APP Fraud scams will exceed burglaries before 2024. In 2020, APP Fraud created over 200,000 cases. However this figure does not include 40% of APP scams not reported...

07 February 2022 /payments /crime Digital Bank Transformation

Scamdemic – forecasting the future cost of authorised push payment (APP) fraud

According to UK Finance, there was a 71% increase in APP fraud in the first six months of this year, reaching £355m(1). The question is what does the future of costs look like. Let’s take a look at the latest results: Before making a forecast let’s reveal what has changed in the six months up to December 31st from the first six months of the year...

29 November 2021 /payments /predictions Banking Strategy, Digital and Transformation

APP (Authorised Push Payment) fraud mitigation planned by banking and payment authorities

APP fraud is rocketing, up 70 per cent in six months, and likely to be a multi billion business shortly. No one is surprise to learn that the Bank of England, Pay.UK and UK Finance (The Collaboration) have joined forces in defining a new data model to mitigate Authorised Push Payment Fraud and reduce friction in the payment process, e.g. misdirec...

16 November 2021 /payments /regulation Transaction Fraud Systems and Analysis

Authorised Push Payments (APP) fraud is soon to become a £billion business

Since the surge in APP fraud reported by UK Finance in the first half of this year forty five million people received either a suspicious text, recorded message or phone call over the last 3 to 4 months.(i) An unknown communication is the start of the fraud cycle and the sheer size of the fraudsters’ activities suggest at least a doubling of UK Fi...

27 October 2021 /payments /crime Banking Strategy, Digital and Transformation

Banks 0 Fraudsters 1: Banks need to up their game

Fraudsters reported a bonzer financial 1st half of 2021 worthy of any unicorn. UK Finance recorded a 71% increase during the first half of 2021 to £355 million for APP (authorised push payment) fraud1. The first time ever APP exceeded credit card fraud. One scam in particular, fake bills to bereaved families, increased 100% in H1 2021 to £45 mill...

15 October 2021 /payments /crime Banking Strategy, Digital and Transformation

Banks and FinTech hold the key to preventing fraud

People, who think they are being defrauded, will soon be able to call 159, a new initiative against fraud, supported by a number of banks, telecom and social media firms. The goal would be for 159 to immediately direct the call to the Payer Bank for fraud assessment. Approximately half of the current bank accounts will be covered by this service i...

04 October 2021 /payments /crime Banking Strategy, Digital and Transformation

Scamdemic – vulnerable, with little protection and few arrests

UKFinance1 announces a saving of £32million in fraud in the first half of 2021 with bank branches, building societies and Post Offices working with the police through the Banking Protocol rapid response scam process. Noting the scheme had led to 934 arrests since 2016, an average of 190 per year. This is good, traditional police work coordinated ...

21 September 2021 /payments /regulation Online Banking

Scamdemic protection: call a journalist

In the Scamdemic, investigations by journalists are a source of inspiration by helping many clients receive compensation from banks who initially refused fraud reimbursement. At the point of banks saying no to a rebate, the bank scam team trot out with the excuse of their standard lines , ‘We contacted the payee bank and were unable to recover fun...

31 August 2021 /payments /crime Exposing Financial Crime

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