Authorized Push Payment Fraud: Help Protect Your Customers
The advent of faster payments has helped accelerate authorized push payment fraud schemes in which victims are defrauded under false pretenses. Banking regulators are responding to the trend, and Rob Tharle of NICE Actimize offers advice for multilayered defense.
Tharle, a Fraud and Authentication Subject Matter Expert with NICE Actimize EMEA, says APP fraud is dramatically different from many other forms of fraud banks face.
"[With APP fraud], the customer has authorized the payment, as opposed to a fraudster authorizing it, and that means that under most laws the consumer is liable for it," Tharle says, adding "The sums of money are very large and life-changing."
Read this eBook about APP fraud which discusses:
- Why APP fraud incidents are rising;
- How regulators have responded;
- Multilayered defensive tactics.