Solutions – APP Fraud Case Study
Providing a real-time customer liveness check that allows you to check which mobile numbers are no longer active
Read case study >Detect suspicious mobile activity patterns in real-time to prevent social engineering scams during transactions
Authorised Push Payment (APP) fraud is designed to manipulate customers into approving fraudulent transactions. Scammers use social engineering techniques, often creating a false sense of urgency, to convince victims to willingly send funds to fraudulent accounts. Traditional fraud prevention measures struggle to detect these cases, as the transactions appear legitimate on the surface
With the increasing use of mobile banking, fraudsters continuously adapt their methods to remain undetected. Relying on static fraud prevention is no longer enough. The ability to understand the full context of a transaction, including signals from the mobile itself, has become essential in the fight against APP fraud
With APP fraud losses totalling £459.7 million in 2023 and the decision by the UK PSR (Payments System Regulator) to make banks reimburse APP fraud victims, what can financial service providers do to protect themselves and their customers?
Situational insights from Mobile Network Operators (MNOs) enhance security by identifying irregular behaviours during transactions, such as call status, direction, and duration, allowing businesses to detect fraudulent patterns before it’s too late
Studies have shown mobile network insights, in combination with other solutions, can reduce APP fraud rates by up to 25%
By 2026 APP fraud rates are likely to be twice what they are currently, despite industry efforts
Verify provides you with situational insights surrounding the mobile number during the time of the transaction to reduce the rate of APP fraud using situational insights, these include: whether the sender is on a call, which direction the call is, and the duration of the call, helping businesses detect fraudulent patterns before it’s too late
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Verify confirms that the mobile number provided at policy sign-up is active, valid, and linked to the correct policyholder, reducing the risk of fraudulent policy creation
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