The Payments Association

JUNE 16, 2025

The early impact of the UK’s mandatory reimbursement policy for authorised push payment (APP) scam victims, implemented in October 2024. Authorised push payment (APP) scams remain one of the most devastating forms of financial fraud affecting UK consumers. Why is it important?

Scams 88

Scams Assessments Consumer Protection Fraud Prevention 88

Fintech Finance

FEBRUARY 6, 2025

Through the partnership with Banfico, ACI will support UK and European banks and payment service providers (PSP) to comply with mandates to offer Confirmation of Payee (CoP) and Verification of Payee (VOP) services. Account verification services are a critical component of modern payment systems.

Payment Service Provider (PSP) 59

Payment Service Provider (PSP) Instant Payments Verification FinTech 59

Finextra

JULY 7, 2025

Fraud-fighting models double detection rates, block over $350 million in attempted theft for the case and slice scam losses by up to 50 percent, with one bank saving 17 percent more funds for clients and processing 250,000 security queries each month. Impact: In testing, Revolut’s AI feature reduced fraud losses from such scams by 30%.

AI 72

AI Fraud Detection Online and Mobile Banking Payment APIs and Integration 72

The Payments Association

JUNE 16, 2025

All solutions trialled were able to achieve “final and irrevocable offline CBDC payments,” meaning that once funds were transferred, the payee could spend them immediately, without needing to reconnect to the central ledger. If the request is accepted, funds are immediately transferred from the payer’s device to the payee’s device.

Settlement 88

Settlement CBDC Payment APIs and Integration Privacy 88

Finextra

JUNE 9, 2025

adults have fallen victim to real-time payment scams [4]. From our work helping banks to address regulatory requirements like Confirmation of Payee (CoP) in the UK and Verification of Payee (VoP) in Europe, we understand the significant system upgrades that new fraud rules mandate. Reports show that a third of U.S.

ISO 20022 52

ISO 20022 ISOs FedNow TCH 52

Stax

MARCH 27, 2025

ACH payment is more affordable and can be automated and payee-initiated, making it ideal for recurring transactions and subscription payments. In ACH Debit or direct payment, the payee requests to pull money from a customers account with prior authorizationan important feature for businesses relying on recurring transactions.

ACH 88

ACH Electronic Funds Transfer (EFT) Wire Transfer Wire 88

The Payments Association

DECEMBER 2, 2024

As part of this, PSPs are required to offer services that verify the payee’s identity before executing a credit transfer. This regulation mandates that payment service providers (PSPs), including banks and payment firms, reimburse victims of APP fraud, addressing the substantial financial losses consumers face due to such scams.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

Fintech Finance

MARCH 4, 2025

However, regulators have been expanding accountability beyond financial institutions to the digital channels used in fraud scams, such as telecommunications and social media.

Fraud Prevention 52

Fraud Prevention Deepfake Scams Fraud Detection 52

Finextra

JUNE 6, 2025

Instant Payment Revolution : Domestic instant payments are available in 70 countries and being mandatory in EU, representing 27 countries, from October 2025 Instant international payments with real-time currency exchange capabilities are on its way and will include crypto currencies Enhanced digital verification and confirmation of payee services are (..)

Technology 52

Technology Instant Payments Authorization Scams 52

Fintech Finance

OCTOBER 9, 2024

In an increasingly digital and interconnected world, where cyber scams and frauds targeting citizens and businesses are on the rise, we remain committed to providing our customers with the tools they need to conduct transactions securely and efficiently.” The post CBI and SEPAmail.eu

IBAN 105

IBAN Interoperability Payee Verification 105

FICO

JUNE 15, 2021

All too often, elders today are the targets of residential real estate fraud and scams. Here are two popular real estate scams targeting the elderly. This scam usually involves a spur-of-moment decision. Put assets in a trust: Putting elders’ assets in trusts protects them from all manner of financial scams.

Scams 98

Scams Elder Abuse Consumer Financial Protection Bureau (CFPB) CFPB 98

The Fintech Times

AUGUST 8, 2024

Australian Payments Plus (AP+) and the Australian Banking Association (ABA) have completed the design of the new Confirmation of Payee (CoP) service which will enable people paying to an account with a name, BSB and Account number to confirm the account name of the payee before the payment is made.

Payee 59

Payee SWIFT Scams Payment APIs and Integration 59

Fintech Finance

JULY 2, 2024

million was lost to APP scams in the first half of 2023. This type of fraud involves a fraudster tricking someone into sending money by posing as a legitimate payee. It doesn’t make sense and could have the effect of devaluing consumer education around fraud and scams if a refund is guaranteed. The latest figures show £239.3

Scams 98

Scams Financial Crimes Payments Crime 98

Fintech News

MARCH 19, 2024

This service, known as confirmation of payee, is designed to minimise the risk of erroneous payments and bolster defenses against fraud. The development and testing of the confirmation of payee service are scheduled throughout 2024, with financial institutions expected to incorporate it into their systems starting in 2025.

SWIFT 118

SWIFT Payee Cross-Border Payments Scams 118

Fintech Finance

MAY 8, 2024

CEC has taken the responsibility to provide the Belgium VoP and has, on behalf of the Belgium Banks and in consultation with Febelfin, awarded SurePay to deliver Verification of Payee (VoP) services. What is Verification of Payee? A no match can indicate fraud or a scam.

Payee 59

Payee Verification Scams SWIFT 59

Finextra

AUGUST 27, 2024

In a move to help reduce scam losses and make Australia a harder place for scammers to operate, Westpac is extending its payee verification solution to institutional and government clients.

Payee 52

Payee Verification Governance Government 52

Fintech Finance

MARCH 19, 2024

Swift, which built and runs the NPP, was chosen by Australian Payments Plus (AP+) to build confirmation of payee, which is a security measure that helps protect consumers from fraud by confirming the identity of the payee before a payment is made.

Payee 59

Payee SWIFT Payment APIs and Integration Cross-Border Payments 59

The Paypers

AUGUST 8, 2024

Australian banks, led by AP+ and ABA , have announced the launch of Confirmation of Payee service by 2025, enhancing security by verifying payee details before payments.

Payee 69

Payee Scams Security Payments 69

Fintech News

JANUARY 10, 2024

In a broader strategy to combat increasingly sophisticated digital banking scams, MAS is collaborating with financial institutions, industry experts, and government agencies. ” MAS and Infocomm Media Development Authority (IMDA) have been working on a Shared Responsibility Framework (SRF) for phishing scams.

Accounts 111

Accounts Scams Phishing Payee 111

Fintech Finance

APRIL 11, 2024

With impending regulatory changes from the UK Payment Systems Regulator (SD17) and EU legislation on Instant Payments, data and security (PSD3), it is imperative that financial institutions have Verification of Payee (EU) and Confirmation of Payee (UK) solutions in place.

Payee 52

Payee Verification Payment APIs and Integration IBAN 52

The Paypers

MAY 12, 2021

Payments 20 (P20) has called on the payments industry to work together to combat payee scams which have increased exponentially since the start of the COVID-19 pandemic in 2020.

Payee 36

Payee Scams Payments 36

PYMNTS

JULY 25, 2018

If the Business Email Compromise (BEC) scam isn’t on the radar of every corporate finance executive, it certainly should be. While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.

Scams 55

Scams Business Email Compromise AFP Wire Transfer 55

FICO

OCTOBER 24, 2018

Given the impact this type of fraud has on both victims and banks Pay.UK (previously known as the New Payment System Operator) has announced that from next year there will be a confirmation of payee service. How Does Confirmation of Payee Work? With confirmation of payee I’m likely to get a ‘contact recipient’ result.

Payee 49

Payee Payer Payments Scams 49

Fintech Finance

MAY 21, 2024

The deadline in Europe for Verification of Payee, based on the Instant Payment regulation, is October 2025. The FIS – SurePay partnership offer’s SurePay’s best-in-class name matching algorithm, which is designed to reduce impersonation fraud, Authorised Push Payment (APP) scams and misdirected payments.

Payee 52

Payee Verification Regulatory Compliance Scams 52

FICO

APRIL 8, 2022

There has been an awful lot of unsettling news about scams and fraud lately. As it happens, orchestration (of both data and process) is one of the most potent weapons in fighting scams and fraud. Scams Are Front Page News. In recent weeks scams and fraud have been splashed across headlines everywhere. A crescendo, even.

Scams 52

Scams TPS Non-Bank Zelle 52

FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Consumers are not as worried about APP fraud and scams as they are for other types of fraud, but awareness is growing.

Scams 52

Scams Push-to-Card Fraud Prevention CashApp 52

FICO

NOVEMBER 7, 2022

Fighting Scams and Authorized Push Payment Fraud in the US. Also known as scams or authorized user fraud, this multi-billion-dollar global fraud challenge is a real headache for consumers and banks. . Scams and P2P Payments Are Front and Center. The reality is that the US is reaching a tipping point for P2P scams.

Scams 52

Scams Authorization P2P Consumer Financial Protection Bureau (CFPB) 52

Neopay

NOVEMBER 27, 2023

New figures released by the PSR show, for the first time, the full extent of how well banks and other payment firms performed in tackling APP scams and how they treated those who fell victim in 2022. The report focuses on Faster Payments because it is the most frequently used way that fraudsters carry out an APP scam.

Scams 52

Scams Faster Payments CRM Volume 52

FICO

APRIL 20, 2023

It stands to reason that as more payees adopt this simple and inexpensive form of payment, more businesses will also gravitate to it as a less expensive and faster way to compensate employees and contract workers. billion in scams in 2022, a 30% increase over 2021.

Real Time Payments 52

Real Time Payments Scams RTP Payments 52

Fintech Finance

SEPTEMBER 9, 2024

The study reveals that while businesses of all sizes are vulnerable to payment fraud scams, larger-scale commercial businesses experienced the highest rate of fraud at 26%, compared to large (23%) and small (16%) businesses. While impersonator fraud was most common, businesses experienced a diverse mix of fraud scams.

Online and Mobile Banking 97

Online and Mobile Banking Credit Cards Scams Payer 97

Finextra

APRIL 1, 2025

Billon Yes this is the amount of loss globally from Authorized Push Payment (APP) scams proje.

Payee 52

Payee Scams Authorization Payments 52

FICO

FEBRUARY 9, 2023

Home Blog FICO APP Scams: What Impact Will the PSR’s Proposals in the UK Have? million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%. The vast media attention on the various types of payment scams has helped keep awareness high.

Scams 52

Scams Push-to-Card Romance Scams Regulations 52

Finextra

NOVEMBER 27, 2023

The Australian banking industry is ushering in a raft of reforms to keep customers safe from scammers, including a $100 million investment to build a new Confirmation of Payee system.

Payee 52

Payee Scams 52

PYMNTS

NOVEMBER 17, 2020

Fraudsters utilizing these schemes rely on tactics such as phishing and impersonation scams to trick customers and businesses into sending payments or payment details, and their use of real-time rails can enable them to make off with the funds before customers catch on. Bad actors typically perpetrate APP fraud in several ways.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

The Payments Association

OCTOBER 22, 2024

As fraud continues to rise, especially with the emergence of AI-powered scams, is this new regulation enough to tackle the ever-evolving threat of financial fraud? As scams become more advanced, even the most cautious consumers are falling victim. However, this alone won’t solve the problem.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

Finextra

JUNE 12, 2024

FinextraTV and Banfico’s CEO Kannan Rasappan explore all the current moving pieces of the puzzle for payments service providers in the EEA region, dive deep into the biggest challenges ahead of compliance with the incoming instant payments regulation in October 2025 and how Verification of Payee will impact this.

Interoperability 59

Interoperability Regulations Cross-Border Payments Cross-Border 59

PYMNTS

SEPTEMBER 8, 2020

The average sought in a BEC scam is up from $54,000 in the first quarter of the year. $1 million was siphoned from one New Zealand business in a scam linked to invoice fraud. statistic through the rollout of its Confirmation of Payee service for banks in the market. million per targeted attack. According to Stuff.co.nz

Business Email Compromise 69

Business Email Compromise Ransomware Payee Overlay Service 69