Fighting APP Fraud. The latest….
👀 The Payment Systems Regulator (PSR) latest report is out!
It covers 2023 and includes the UK’s 14 largest banking groups, along with data for 11 other smaller firms that were in the 💥top 20 highest receivers of fraud💥
🧐 Here's the down and dirty: the volume of app fraud scam has increased by 12% since 2022 and we're only expecting this number to go up ⬆
📌 70% were purchase scams 🛍️ followed by
📌 advance fee 💸 and impersonation 👺 scams at 10% each
FinCrime Dynamics has built a new APP fraud testing SaaS service to help reduce APP fraud risks. The solution has been designed with the input of MLROs, Heads of Compliance, Heads of Fraud and industry leaders in the banking and payments space
Options for getting APP fraud risk-ready
Change nothing: Good, if you are willing to accept high APP fraud reimbursement costs 💸
Do a risk assessment: Good, if you want to build business case to improve controls take 2-3 months + consultants + one off project management 👨🏫
All new controls & vendors: Good, if you have time and £££ for all hands on deck implementations of unproven controls (12 months+) 🚣
How to get APP fraud risk-ready NOW 🏋️
Step 1: Test control performance
📚 FinCrime Dynamics provides simulations of hundred of APP fraud techniques each month to test your transaction monitoring controls
Step 2: Analyse control performance
🔎 Analyse control vulnerabilities with access to a library of hundreds of APP fraud behavioural techniques for control testing
💸 Quantify potential losses
📊 Compare control performance to peers
Step 3: Improve control performance
🛡️ Keep abreast of up to date threats through ongoing testing and improve your performance
🤓 Tune, track and improve control performance over time