Authorised Push Payment (APP) Fraud is the largest type of payment fraud, both in volume and value of losses. Despite a 17% decrease in the first half of 2022, APP fraud is still more than 30% higher compared to the same period in 2020 and is “set to boom in 2023”.
As APP fraud rates continue to rise, challenger banks take the hardest hit. First reported by Sifted, the UK’s Financial Ombudsman Service (FOS) revealed that fraud complaints against Monzo, Revolut and Starling had reached a three-year high.
The existing fraud prevention workflows focus on dealing with the consequences of APP fraud rather than detecting it in real-time. It may be difficult, but not impossible.
Download the full case study to learn more about Salv Bridge enabled a Nordic bank to increase successful APP fraud reclaims from 10% to 80%. It discusses:
- What makes it harder to handle APP fraud.
- How Salv Bridge can complement (or even replace) your fraud detection workflow.
- Success stories from the banking industry.
