Global APP Fraud Epidemic: Urgent Action Needed
Authorized Push Payment (APP) fraud, a global epidemic, has caused significant financial losses and shaken consumer trust. To tackle this, a proactive, multi-faceted strategy is needed, involving enhanced consumer education, mandatory intelligence-sharing, and accountability for enabling platforms like Apple Store and App Store.
APP fraud occurs when criminals trick individuals into making payments to them, often using social engineering tactics. To combat this, enhanced consumer education is crucial to make people more resilient to such scams.
Collaboration is key. Mandatory intelligence-sharing and cross-sector cooperation can help disrupt criminal networks. This includes sharing data on fraud patterns and trends. However, this approach has led to a new cost centre for PayTechs due to the mandatory reimbursement rule, straining their competitiveness.
Mandatory accountability for enabling platforms, such as Telcos and Tech Platforms like Apple Store and App Store, is also vital. They must enforce shared responsibility to prevent fraud. This could involve stricter verification processes and quicker action against suspicious activity.
While the UK's mandatory reimbursement requirement is a step forward for consumer protection, it has placed a significant burden on PayTechs. A more comprehensive, proactive strategy is needed to address the underlying systemic issues that allow criminals to operate. This involves all stakeholders working together to reduce the impact of APP fraud on consumers and platforms like Apple Store and App Store.
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