APP Scams Emerge as the Top Payments Fraud Threat With Fraudsters Changing Tactics, Finds ACI Worldwide Report - Seite 2

In Australia, disrupting scams is the government's strategic priority. Australians lost more than AU$ 3 billion to scams in 2022. In May 2023, the Australian Banking Association announced the new Fraud Reporting Exchange platform, allowing banks to halt multiple fraudulent transactions as part of the same scam and share intelligence to assist with loss-prevention efforts. In the June 2023 report "A Strategic Plan for Australia's Payments System," the government has committed to a long-term, coordinated approach bringing together industry players to enable disruption of scams through better collaboration and information sharing. It outlines a plan to establish the National Anti-Scam Centre and develop cross-sectoral, industry anti-scam codes for banks, telecommunications and digital platforms.

Other markets have had to watch APP scams grow to epidemic proportions before scrambling to tackle the problem after the fact. The launch of the FedNow Service is expected to be a significant catalyst for real-time payments growth in the U.S., with the volume of real-time payments projected to grow at a CAGR of 32.6% between 2022 and 2027. With the launch of the FedNow Service coming soon, the banking and finance industry in the U.S. is in a prime position to modernize its risk management technology and to collaborate and strengthen its controls to implement robust fraud strategies.

Beat scammers through technology modernization

In the report "Real-Time Payment Fraud Trends and How To Fight Them in Three Simple Steps," ACI outlines the three steps to combat real-time payments fraud:

1. Protect enterprise-wide transactions with contextualized decisioning and cross-industry collaboration
2. Accelerate decision-making with machine learning
3. Strengthen the weakest link with two-way communication

Deploying the right tools to send risk signals, with privacy designed into the process, allows banks and financial institutions to protect customers from all corners without impeding a seamless customer experience.

Inside Real-Time Season 3 – Unmasking the Many Faces of Fraud

This year, ACI launched Inside Real-Time — a new, multi-channel media platform — as the definitive guide and go-to source for the world's real-time payment stories, including exclusive content exploring the latest developments and opportunities in the world of real-time payments and how real‑time is empowering consumers, merchants, businesses and banks. In the new four-part video series of season 3 focusing on fraud management, each episode unmasks the many faces of fraud associated with real-time payments and shares guidance for industry players looking to better protect themselves and their customers.