71 Results
John Bertrand MD at Tec 8 Limited
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
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 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
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
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
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
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
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
UK e-commerce spending hit a record £10 billion in July 2021. The year-to-date online spending was £65 billion, up 18% y-o-y and 56% on 2019. Following this trend online fraud rate for faster payments and account take over fraud for 2021 could be £1 billion. If this trend continues the monthly running rate could top a £100 million by early 2022. ...
27 August 2021 /payments /crime Banking Strategy, Digital and Transformation
‘Twas in another lifetime, one of toil and blood and online fraud When blackness was a virtue the road was full of mud I came in from the wilderness, a creature void of form Come in, she said I'll give ya shelter from the scamming storm Bob Dylan, with thanks, Deposit fraud occurs when money in the form of electronic or paper payment is put into a ...
25 August 2021 /payments /crime Trends in Financial Services
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