Reporting APP Scams Types- Strategies and Procedures
In the unfortunate event of an authorised push payment (APP) scam, swift action is imperative. This article offers guidance on reporting APP scams, emphasising immediate contact with the respective bank for intervention. Strategies and procedures for victims are outlined, urging prompt reporting, even if the bank is not a Contingent Reimbursement Model (CRM) Code signatory. For banks adapting to the changing reimbursement landscape, the article provides strategic guidance, including bolstering data analysis, optimising data utilisation, focusing on transaction intent, investing in customer education, and establishing a comprehensive feedback loop.