Unveiling Finance- Navigating Open Finance in 2024
Open Finance is a portal to a monumental change in the financial services industry. It builds on the success of Open Banking where access to banking data is granted to Third-Party service providers through an API. It is access to financial data beyond just banking.
FCA’s findings from review with a focus on APP Fraud
The Financial Conduct Authority (FCA) released a report recently titled, “Anti-fraud controls and complaint handling in firms,” with particular attention paid to Authorised Push Payment (APP) fraud. This study included current account providers, challenger banks and payment firms among its participants. While the FCA identified effective control frameworks and best practices, it also identified various […]
Enhancing Transparency and Accountability in the Fight Against APP Fraud
APP fraud in the UK is complex with mixed responses and outcomes for victims. However, the industry is getting better at fraud prevention. Regulatory bodies have introduced the 2024 reimbursement requirement and Confirmation of Payee making it more consistent and accountable when dealing with APP fraud.
CoP solves the growing problem of APP fraud for banks in the UK
Authorised Push Payment (APP) fraud has spread like wildfire in the UK. According to UK Finance, APP fraud increased from £208 million in the initial months of 2020 to £355 million in 2021. The trend followed in the second half of 2021, with APP fraud reaching £819 million. This growth in APP scams is staggering […]
‘Confirmation of Payee’, a.k.a. CoP is combating APP fraud
A drastic surge in Authorised Push Payment (APP) fraud took over the world with a storm during the pandemic. The fraudsters searched for innovative ways to target people and attack their banks and financial institutions for APP fraud. Worldwide lockdown increased digital payment transactions, which worsened the situation irrespective of innumerable security steps integrated by […]