App Fraud news and trends

UK’s Revolut Facing Wave of Complaints Over APP Fraud Claims
Security & Fraud // December 02, 2024

Revolut is reportedly facing a lawsuit tied into a wave of anti-fraud complaints. As Bloomberg News reported Monday (Dec. 2), the fraud claim was filed by Serbian firm Terna Energy Trading. The energy company had instructed its bank to send a payment of 700,000 euros ($735,880) to a...

Anti-Fraud Innovations Keep Instant Payments on Right Track
Fraud Prevention // October 31, 2024

Transactions are built atop a first principle of trust. And the faster transactions happen, the stronger that trust needs to be. As digital payments evolve to meet consumers’ expectations for speed and convenience, fraud remains a central challenge for financial institutions and their clients. The...

Slow Going for Faster Payments as Fraud Concerns Persist
Real-Time Payments // October 14, 2024

For the banks mulling when they’ll connect to real-time payment rails — and for those already connected in order for instant payments to be received, but not sent — fraud remains the big issue. At this writing, at least in the U.S., interest is high...

UK’s APP Fraud Reimbursement Rule Goes Into Effect Monday
Security & Fraud // October 06, 2024

This week marks a major change in how U.K. banks and payment firms address fraud. Beginning Monday (Oct. 7), these organizations will be required to reimburse the victims of authorized push payments (APP) up to £85,000 ($111,000). Great Britain’s Payment Systems Regulator (PSR) had called...

Interviews & Exclusives
71% of Financial Institutions Turn to AI to Fight Faster Payments Fraud

December 03, 2024
As demand for faster payments grows, so does the risk of fraud. More than 170 million U.S. consumers received at least one disbursement in the past year, highlighting the need for rapid transactions. According to a PYMNTS Intelligence report, “Protecting Accelerated Disbursements From Fraud,” in collaboration with Ingo Payments, the speed of these payments creates […]

Payments Authentication Success Leans on Consistent User Experiences

May 24, 2024
Today’s rapidly evolving payments and financial landscape brings with it both challenges and opportunities. And the challenges and opportunities center around effective authentication, as the need for advanced security measures...

Is the UK Brexiting From Instant Payments?

March 21, 2024
It’s often said that history repeats itself. It’s hard to look at the current state of play regarding instant, or real-time, payments in the EU and U.K. right now and...

State of the Payment Scam: Banks Battling APP Fraud

March 13, 2024
The world’s cybercriminals all share one thing in common: they understand people can be exploited. After all, people make mistakes. They fall for scams, and frequently either ignore or fail...

Quick Reads
UK’s Revolut Facing Wave of Complaints Over APP Fraud Claims

December 02, 2024
Revolut is reportedly facing a lawsuit tied into a wave of anti-fraud complaints. As Bloomberg News reported Monday (Dec. 2), the fraud claim was filed by Serbian firm Terna Energy Trading. The energy company had instructed its bank to send a payment of 700,000 euros ($735,880) to a Revolut account it thought was owned by a business partner. […]

UK’s APP Fraud Reimbursement Rule Goes Into Effect Monday

October 06, 2024
This week marks a major change in how U.K. banks and payment firms address fraud. Beginning Monday (Oct. 7), these organizations will be required to reimburse the victims of authorized...

UK’s Revolut Accuses Meta of ‘Woefully Short’ Effort in Battling Fraud

October 03, 2024
U.K. FinTech Revolut has reportedly criticized Meta’s approach to combating financial fraud. As CNBC reported Thursday (Oct. 3), Revolut argues that the Facebook owner should be the one to provide compensation when scammers prey upon its...

British Banks Split on Charging Fraud Reimbursement Fees

September 30, 2024
British lenders are reportedly divided over whether to charge scam victims under new fraud reimbursement rules. Beginning Oct. 7, banks in the U.K. will be required to reimburse customers who...