According to SCAMSCOPE statistics from ACI Worldwide and Global Data, Authorized Push Payment (APP) fraud losses are on the rise and expected to climb to $5.25 billion across the U.S., U.K. and India by 2026 - a record CAGR of 21 per cent.

APP fraud scams involve fraudsters tricking their victims into willingly making large bank transfers to them – in many cases, this happens via social engineering across social media networks or via telephone. The lost funds often travel to mule accounts before ending up in the hands of criminals. Criminals are increasingly recruiting impressionable and vulnerable people to act as money mules.

The UK Payments System Regulator (PSR) in June 2023, has announced a new mandate for how payments service providers reimburse customers who have fallen victim to APP fraud. Banks and financial institutions now have to prepare themselves for a deluge of APP Scam reimbursements to consumers, both on the sending and receiving end of the transaction, if they don’t fine tune the way they look out for these transactions.

Despite the win for consumers, the new repayment guarantee could potentially lead to an increase in bad actors posing as consumers to take advantage of reimbursements in the form of first party fraud.

In this webinar we discuss:

  • New PSR mandate
  • Knock-on increases of first party fraud
  • The rising need to protect vulnerable people from becoming money mules
  • How banks can prepare
Area of expertise:
Jackie Barwell

Jackie Barwell

Director of Product Management, Fraud Management, ACI Worldwide

Currently Director of Fraud Product Management at ACI Worldwide, Jackie has more than 27 years’ experience within financial crime. She joined Retail D...

Currently Director of Fraud Product Management at ACI Worldwide, Jackie has more than 27 years’ experience within financial crime. She joined Retail Decisions (ReD) in late 2011, prior to its acquisition by ACI in 2014, as Head of International Products, ensuring ReD’s fraud and payment solutions enabled revenue growth and reduced losses for customers in all markets. She assumed responsibility for ReD’s product portfolio and roadmap in 2013 and led a global team of product experts focused on the further development of ReD’s market-leading fraud and payment solutions. Before joining ReD, Jackie worked at Actimize, setting the vision and leading the development of financial crime products for the company. She was previously Director of Fraud for EMEA at First Data, and EVP, Head of Global Fraud Management at Citigroup. Jackie is a co-founder of the UK’s Fraud Women’s Network, which has 100s of members and is celebrating its 15th year.

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Christine Farrow

Christine Farrow

Principal, Payment Scheme Fraud Prevention Lead, UK Finance

Christine has led the industry's fraud prevention activities on bank account abuse for seven years, recently becoming the Industry Money Mule lead. Ch...

Christine has led the industry's fraud prevention activities on bank account abuse for seven years, recently becoming the Industry Money Mule lead. Christine was responsible for developing a cross-sector partnership with the Police and National Trading Standards, resulting in the launch of the award-winning Banking Protocol, aimed at protecting vulnerable consumers within bank branches. This national initiative is embedded within the policing plan for all 45 UK Police Forces, is used by 54 national financial institutions as well as the Post Office and is now being expanded to other banking channels.

Christine began her career as a Masters graduate with the Metropolitan Police, spending nine years with the Met in total, five of which were in fraud prevention.

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ACI Worldwide

ACI Worldwide

ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading c...

ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

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  • Fraud Specialist 
  • Director Of Investigations 
  • Director Of Compliance 
  • Head Of Operational Risk 
  • Investigations Officer 
  • Corporate Compliance Officer 
  • Investigations Specialist 
  • Director of Risk Management 
  • Senior Fraud Analyst 
  • Fraud Prevention Manager 
  • Senior Fraud Investigator 
  • Vice President Compliance 
  • Fraud Officer 
  • Anti-Money Laundering Officer 
  • Machine Learning Engineer 
  • Vice President of Risk 
  • Machine Learning Consultant 
  • Machine Learning Specialist 
  • Lead Data Scientist 
  • Senior Data Scientist 
  • Data Protection Officer 
  • Anti-Money Laundering Agent 
  • Anti-Money Laundering Associate 
  • Anti-Money Laundering Consultant 
  • Anti-Money Laundering Executive 
  • Anti-Money Laundering Manager 
  • Senior Anti-Money Laundering Consultant 
  • Senior Fraud Consultant 
  • Data Engineer 
  • Anti-Money Laundering Analyst 
  • Anti-Money Laundering Investigator 
  • Anti-Money Laundering Specialist 
  • Risk Director 
  • Fraud Prevention Specialist 
  • Risk Consultant 
  • Head Of Risk Management 
  • Head Of Risk 
  • Senior Investigator 
  • Senior Risk Manager 
  • Fraud Analyst 
  • Head Of Compliance 
  • Compliance Specialist 
  • Fraud Manager 
  • Chief Risk Officer 
  • Investigations Manager 
  • Fraud Investigator 
  • Regulatory Compliance Manager 
  • Security Manager 
  • Compliance Officer 
  • Compliance Manager 
  • Risk Specialist 
  • Senior Compliance Officer 

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Tackling APP Scams