NETWORKING INTELLIGENCE COULD HELP CRACKDOWNS ON BURGEONING APP FRAUD
September 21st, 2023
While UK authorised push payment (APP) fraud losses were down 17% in 2022 year-on-year, they still cost victims GBP485.2 million (USD619 million) and comprised 57% of all reported cases relating to purchase fraud, with case volumes breaking 100,000 for the first time.
That was the assessment of UK Finance (1), the country’s banking and finance industry association, which said the amount of APP fraud losses reimbursed increased 5% year-on-year in 2022, with 78% of cases originating online.
Internationally, said a ‘Prime Time for Real-Time 2023' report ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.