Scam Survey: UK Consumers Lack Confidence in Real-Time Payments Security
FICO’s latest research highlights the need for financial institutions to effectively communicate security measures for wider adoption of RTP
More information: https://www.fico.com/en/latest-thinking/ebook/2024-scams-impact-survey-uk
Key Findings
-
Nearly a quarter (
23% ) ofUK consumers do not know if RTP processes include enough security checks -
UK usage of RTP is lower than the global average —79% ofUK consumers have sent RTP while73% have received RTP, compared to91% and89% average for all 14 countries surveyed -
Just
16% of respondents have sent RTP from a business to a person, compared to the global average of31%
FICO’s survey of 12,000 individuals across 14 countries revealed
“While there remains some slight uncertainty in the
“At the same time, however, there needs to be more education around the benefits of RTP, how they counterbalance fraud checks and regulatory changes. This presents an opportunity for banks to communicate risks and warnings to their customers while providing a strong scam defence.”
Increased Education Should Lead to Further Adoption
FICO’s survey of RTP use also looked at global opinions comparing the payment method to other forms of transactions. More than a third (
“There is plenty of room for RTP use to grow in the
Banks that use scam protection technology will put themselves and their customers in the best position to protect their finances. Additionally, they need to be flexible and customer-focused in their use of communication channels. As RTP usage continues to grow, consumers expect their banks to equip them with the tools, education, and automated fail-safes to help prevent scam losses.
“One of the most fundamental ways banks can build consumer confidence and help to prevent losses is by knowing what method of communication their customers prefer,” Roche said. “More
“But no one channel is right for every customer, and banks should be able to select the most effective channel for each person to ensure
A new solution from FICO and Jersey Telecom (JT) received the Anti-Fraud Solution award at the Credit & Collections Technology Awards in November 2024. The FICO® Customer Communications Service Scam Signal uses telephony signals to detect potential scams.
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, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
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For further press information please contact:
FICO
Wendy Harrison/Parm Heer
ficoteam@harrisonsadler.com
0208 977 9132
Source: FICO