FICO Round Table Discusses Approaches to Sharp Rise in Scams and Authorised Push Payment Fraud
In 2021, UK losses to authorised push payment (APP) scams reached £583.2 million. This 39 percent year-on-year increase in losses shows how inventive and active scammers can be. FICO is hosting a round table on 8 February 2023 at The Shangri-La in The Shard, London, to discuss what can be done to tackle this threat to financial stability.
“When the Covid pandemic pushed an even higher number of transactions online, fraudsters saw an opportunity and reacted,” explained Naomi Palmer, senior consultant for fraud at FICO. “The payments industry has already taken great strides in improving detection and prevention tactics, but this is not an area where the sector can take its eye off the ball. The best way to push back at fraudsters is with a considered and collaborative effort — everyone in the payments ecosystem must be on the same page.”
FICO’s round table is designed to provide a non-competitive and collaborative forum to share learnings and discuss new strategies.
As well as a number of representatives from the financial sector, industry experts will join the discussion, including:
- Jonathan Williams, Payments Specialist, Payments Systems Regulator
- Dianne Doodnath, Principal, Remote Payment Channels at UK Finance
- Gareth Williams, Naomi Palmer and Alex Berriman, Fraud Consulting at FICO
“We will all benefit from this gathering of industry leaders, experts and regulators,” concluded Palmer. “The opportunity to discuss key issues and develop a plan is an important step in protecting consumers’ finances.”