FICO Round Table Discusses Approaches to Sharp Rise in Scams and Authorised Push Payment Fraud

Rhea-AI Summary

FICO hosted a round table on February 8, 2023, in London to address the £583.2 million losses due to authorized push payment scams, a 39% year-on-year increase. The meeting aimed to foster collaboration among industry experts and financial sector representatives to combat rising fraud in the payments ecosystem. Senior consultant Naomi Palmer emphasized the need for ongoing vigilance and collective strategies in battling fraud.

Positive

• FICO's proactive approach to combat fraud through collaborative efforts with industry leaders.
• The round table attracted diverse expertise from financial regulators and payment specialists, enhancing strategy development.

Negative

• Significant losses of £583.2 million from APP scams in 2021 indicate a growing fraud threat, raising concerns for financial stability.
• Increase of 39% in fraud losses year-on-year suggests insufficient progress in fraud prevention measures.

FICO event on 8 February will gather industry experts to discuss what must be done across the payments ecosystem to stem losses from fraud scams

LONDON--(BUSINESS WIRE)-- In 2021, UK losses to authorised push payment (APP) scams reached £583.2 million. This 39 percent year-on-year increase in losses shows how inventive and active scammers can be. FICO is hosting a round table on 8 February 2023 at The Shangri-La in The Shard, London, to discuss what can be done to tackle this threat to financial stability.

“When the Covid pandemic pushed an even higher number of transactions online, fraudsters saw an opportunity and reacted,” explained Naomi Palmer, senior consultant for fraud at FICO. “The payments industry has already taken great strides in improving detection and prevention tactics, but this is not an area where the sector can take its eye off the ball. The best way to push back at fraudsters is with a considered and collaborative effort — everyone in the payments ecosystem must be on the same page.”

FICO’s round table is designed to provide a non-competitive and collaborative forum to share learnings and discuss new strategies.

As well as a number of representatives from the financial sector, industry experts will join the discussion, including:

• Jonathan Williams, Payments Specialist, Payments Systems Regulator
• Dianne Doodnath, Principal, Remote Payment Channels at UK Finance
• Gareth Williams, Naomi Palmer and Alex Berriman, Fraud Consulting at FICO

“We will all benefit from this gathering of industry leaders, experts and regulators,” concluded Palmer. “The opportunity to discuss key issues and develop a plan is an important step in protecting consumers’ finances.”

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at https://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230105005069/en/

FICO PR Team

Wendy Harrison/Parm Heer/Matthew Enderby

ficoteam@harrisonsadler.com

0208 977 9132

Source: FICO

FAQ

What is the purpose of FICO's round table on February 8, 2023?

The round table aims to discuss strategies to combat rising fraud losses in the payments ecosystem.

How much did authorized push payment scams cost the UK in 2021?

In 2021, authorized push payment scams resulted in losses of £583.2 million in the UK.

Who are the key participants in FICO's February 8 event?

Key participants include industry experts and representatives from the financial sector, such as regulators and payment specialists.

What was the year-on-year increase in fraud losses related to APP scams?

The year-on-year increase in fraud losses due to APP scams was 39%.

What is FICO's role in addressing fraud in payments?

FICO plays a pivotal role in enhancing fraud detection and prevention strategies within the payments ecosystem.