It’s no surprise that payments fraud has spiked over the past two years all over the world. We’ve seen some types, like APP fraud, benefit from new regulations such as Confirmation of Payee. In others, like romance fraud, the numbers are up dramatically. The common denominator is the persistence and innovation of bad actors who continue to trick consumers into handing over account details or personal information that can be used to defraud them of their funds or finding new ways to access data that can be used to steal from consumers.
Bottomline sat down with Ed Adshead-Grant, GM and director, Payments, to get a better understanding of the eight different types of fraud as identified in a recent report from Finance UK.
We’ll never completely erase fraud, but a deeper knowledge of the types of fraud will make the fight against it easier.