#payment #fraud in 2024: Who is Liable? #ecommerce fraud is $48Bln globally by the end of 2023 & could exceed $362Bln between 2023 & 2028

Key Insights from Finextra research

✅385,964 #fraudulent transactions were reported

✅ £389,022,456 was stolen, of which only £237,219,623 was reimbursed to customers

✅ Faster payments were used for 98% of #appfraud payments

✅ Authorised push payment (#app) scams, which are leveraging wide-ranging #socialengineering tactics such as #impersonation #scams, #invoice and #ceofraud, are on the forefront of payment scams

✅ The new #reimbursement requirements aim to decrease #appscams and improve #userprotection. The #liability split promotes confidence in the Faster Payments scheme and incentivises #financialinstitutions and #banks to focus resources on preventing fraud in the first place.

✅ Banks and other financial institutions need to have Detailed definitions and a clear, efficient arbitration process for involved parties to build a reliable liability framework.

✅ #financialservice institutions should Share #intelligence between sending and receiving banks to ensure fair and accurate decisions, enabling banks to detect and mitigate fraud more effectively.

#digitalpayment #financialcrime #phising #identitytheft #dataprivacy #cybersecurity #fintech #finserv #regulation #regtech