Tue Mar 1 UTC (3 months ago)
In your timezone (EDT): Mon Feb 28 7:00pm - Mon Feb 28 7:00pm
Authorised push payment scams became a growing concern for banks and customers throughout 2021. UK Finance found that in the first half of 2021, a total of £355.3 million was lost to scams in the UK. This was an increase of 71%, compared with losses seen in the same period of 2020.
The issue that continues to permeate is the sophisticated nature of scams. They not only ruin the lives of consumers who are at risk of losing a large amount of money, but banks are also required to implement practices to decipher whether victims of fraud are genuine.
While banks can utilise raw data such as location, IP addresses, behavioural patterns, and device information to mitigate scams, a debate is emerging around who is truly responsible for fraud prevention and in turn, liable to provide the refund to the customer.
Further to this, while some believe that the issuing or the receiving banks are to blame for allowing financial criminals to slip under the cracks, questions are also arising around the role of telecommunications companies or dating applications.
Moving forward into 2022, banks and regulators must collaborate with other industries to find a solution.
To join us with the panel of industry experts as they discuss the following areas:
• The rise of scams and the impact they can have on consumers and banks;
• What current solutions there are to prevent scams;
• Who should be responsible for refunds?
• What are the next steps to find a collaborative solution to prevent these scams?
Head of Research, Finextra
Anti-fraud Strategist, ACI Worldwide
Global Fraud Expert, Nordea