Tag: APP fraud

Revolut has recently unveiled an innovative artificial intelligence (AI) tool aimed at combating authorised push payment (APP) fraud, a sophisticated scam where criminals deceive individuals into willingly transferring money into fraudulent accounts.

Fraud in the UK has become a significant concern, with 40% of crimes being fraudulent. Money muling is at the forefront, where fraudsters utilise synthetic or real mule accounts for financial gain. The UK government, recognizing the seriousness, plans to publish an action plan to combat this issue. 

Revolut, a global financial superapp serving over 35 million customers, has significantly expanded its Financial Crime (FinCrime) division, doubling the headcount since 2021.

Key UK FinTech investment stats in Q3 2023: • UK FinTech deal activity reached 85 deals in Q3 2023, 43% decline compared to the same...

The Payment Systems Regulator (PSR) is progressing in its fight against APP fraud by introducing two consultations. 

The UK's PSR has unveiled plans to establish a maximum reimbursement level of £415,000 for victims of APP fraud.

A recent whitepaper released by Resistant AI discussed why authorised push payment fraud (APP) is the greatest threat to FinTechs today. 

The Payments Association has expressed concerns over the UK's proposed measures to address fraud which totalled £485m in 2021.