This has been evidenced in UK Finance’s recent report, which highlights that in the first half of 2021, fraud increased by 30% in comparison to the same period in 2020.
Consumers have experienced this increase in fraud particularly in payments. While payments are volumetric and are built to serve as many people as possible, scaling at a fast pace can result in weaknesses that providers may not be totally aware of.
As fraud becomes more sophisticated, companies are forced to go to greater lengths in order to fully protect their users. This is especially when it comes to authorised push payment (APP) scams, which have increased by 60%, from the first half of 2020 compared to the first half of 2021, according to UK Finance.
The sheer volume of payments means that machine learning is truly one of the only methods to unearth the problems and highlight them to providers. This means that even when a fraudster has all the correct information, machine learning can spot behaviours which appear to be fraudulent.
Sign up with this Finextra webinar, in association with Sift, to join our panel of industry experts discussing the following topics:
- Growth in fraud and its increasing sophistication
- Types of scams and those that are becoming more common
- Using bespoke tech solutions for fraud prevention
- Loss mitigation and leaning into success
Speakers:
- Gary Wright – Head of Research, Finextra [Moderator]
- Jeff Sakasegawa - Trust & Safety Architect, Sift
- David Callington - Head of Fraud, HSBC UK
- Carmen Podgurschi - Cross-Border Payments, Bank of New York Mellon
- Sudhir Jha - Senior Vice President and Head of Brighterion, MasterCard