According to UK Finance’s latest research, criminals stole a total of £726.9 million through unauthorised fraud and scams, with almost 3 million cases recorded.
Fraudsters have become increasingly clever at adapting their attacks in response to changes in our daily habits and consumer behaviours. In particular, criminals have continued to focus on socially engineering their victims to trick them into authorising a payment to an account within their control – known as APP fraud. That said, Card Not Present (CNP) fraud still contributes the majority of unauthorised losses with £395.7 million reported.
It’s essential that Banks, Payment Processors, and Retailers continue to have a robust card fraud defence solution in place as part of their fraud prevention strategy. So, what steps can financial institutions take to reduce card fraud without introducing too much friction into their payment processes?
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