A new e-book, co-created by Salv, Thistle Initiatives, and We Fight Fraud, offers a deep dive into the mechanics of APP (Authorised Push Payment) fraud, providing readers with a view from the victim’s perspective.
The e-book, which can be downloaded here, covers a detailed criminal playbook based on actual victim accounts. It walks the reader through an end-to-end fraud scheme, with APP fraud being one of three major scams. By mapping out the tactics fraudsters use, the e-book provides invaluable insights into how financial institutions can better protect themselves and their customers.
To help financial institutions safeguard their customers, the e-book also presents a wide range of solutions that cover processes, technology, and workforce strategies. These practical measures are designed to be easily implemented, ensuring a more robust defence against this increasingly sophisticated form of fraud.
One of the e-book’s standout points is its emphasis on collaboration within the financial sector. The authors argue that only through working together can financial institutions trace stolen funds and return them to the rightful owners. The book underscores the importance of industry-wide cooperation in tackling fraud more effectively.
In addition to outlining real-life fraud schemes, the e-book also compiles insights from 30 experienced financial crime professionals who attended a roundtable event. These experts provided valuable perspectives on the challenges and opportunities in fighting fraud, making the e-book a crucial resource for anyone involved in the fight against financial crime.
The e-book comes at a time when the UK’s Payment Systems Regulator (PSR) is stepping up its efforts to combat APP fraud, which the e-book describes as a “millennium bug moment” for the financial industry. Just as with the Y2K problem, no one knows for sure how the situation will unfold, but the pressure to comply with new rules is mounting. APP fraud is now a major issue, and the industry must act quickly to respond.
The e-book serves as both a warning and a call to action for the financial industry. As the PSR enforces new rules, all institutions must step up to ensure equal protection for customers, no matter where they bank. The levelling of the playing field marks a major shift in how we respond to fraud, and collaboration will be essential in facing this challenge.
Download the e-book here.
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