Tag: APP Fraud
Revolut’s new AI tool fights rising scam epidemic
Revolut has recently unveiled an innovative artificial intelligence (AI) tool aimed at combating authorised push payment (APP) fraud, a sophisticated scam where criminals deceive individuals into willingly transferring money into fraudulent accounts.
The rise of money mules in UK fraud: Prevention and detection
Fraud in the UK has become a significant concern, with 40% of crimes being fraudulent. Money muling is at the forefront, where fraudsters utilise synthetic or real mule accounts for financial gain. The UK government, recognizing the seriousness, plans to publish an action plan to combat this issue.
Revolut ramps up anti-fraud efforts with doubled financial crime team
Revolut, a global financial superapp serving over 35 million customers, has significantly expanded its Financial Crime (FinCrime) division, doubling the headcount since 2021.
Is UK FinTech landscape under threat due to proposed fraud regulations?
The Payments Association has expressed concerns over the UK's proposed measures to address fraud which totalled £485m in 2021.
Losses from APP fraud increases in 2019
While the banking and finance industry prevented more than £1.8bn in fraud during 2019 in the UK, the amount lost through authorised push payments (APP) scams increased to £465m.
