Financial fraud is far from a trend. Rather, it’s a constant. Fraud has been ever present since people started buying and selling, and has evolved to become a problem that businesses have to manage and counter every day. Digital evolution has compounded the issue.
Cheque, credit card and cash fraud have all hit hard over the years. However, one of the most common fraud vectors today and greatest vulnerabilities is push payments. Particularly for businesses that have relationships with a lot of suppliers, to whom they make numerous payments totalling different amounts all year round.
UK Finance recorded APP fraud losses totalling £354.3 million in 2018, up from £236 million a year before; and 84,624 cases of APP fraud in 2018, a rise of 93% from 2017’s 43,875. Businesses shouldn’t need further proof that APPs are being targeted.
So, what can businesses do to avoid it happening in the first place? Arguably, the fightback should not be a matter of protecting push payments, but of using data, automation and insight to have more control over payments.
This whitepaper sheds light on the emergence of APP fraud and how technology can counter the rising risk in push payments.
• The pull of push payments.
• Accumulation of marginal losses.
• Protected payments, secure suppliers.
• The payments alternative.