Rising to the Fraud Challenge 2024

Open Banking Expo and Bottomline are pleased to bring you this report, ‘Rising to the Fraud Challenge’, which takes a deeper dive into the global fraud landscape through insights from senior executives at Bottomline, the latest industry statistics and a contribution from Pay.UK. Across financial services, fraud has always been a risk management priority for organisations and businesses. However, as the scale and scope of fraudulent activity has increased, so too has the sense of urgency and the wherewithal to tackle it.

Fraud detection and prevention is top of mind for the industry across payments, Open Banking and lending. 

Key themes discussed in the report:

·      Total Authorised Push Payment Fraud

·      Navigating the Global Fraud Landscape: Imperatives for Payment Professionals

·      Industry Developments in the Fraud Space

·      Enhancing Fraud Prevention Strategies: The Value of Integrated Solutions

·      Value of App Fraud sent per £M of transactions

·      Confirmation of Payee: A Crucial Tool in Combating App Fraud in the UK

·      Safeguarding Payments: Lessons Learned from Confirmation of Payee

·      Advancing Global Fraud Prevention: Rolling out Verification of Payee

·      App Fraud: Cop and the fight against fraud

“The fight against fraud requires better collaboration and knowledge sharing between everyone in the payments system”

- Kate Frankish, Chief Business Development Officer and Anti-fraud Lead, Pay.UK