This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
02/07/2024
APP Fraud in Focus as Digital Tools Redefine Prevention Tactics
PYMNTS
The widespread adoption of person-to-person (P2P) payment apps and services has fueled a surge in credit-push payment volume, a trend that has been further accelerated by the recent introduction of real-time payments in the United States.
As this payments landscape continues to evolve rapidly, fraudsters are seeking fresh avenues to exploit unsuspecting individuals, and credit-push scams, often referred to as authorized push payment (APP) fraud, have become a staple in their arsenal of tactics.
According to a Jan. 29 blog post by the Federal Reserve Bank of Atlanta, instances of APP fraud, whereby a criminal tricks an individual or business into transferring funds to the fraudster’s account, necessitate “a shift in our curriculum, mitigation techniques, and approach to consumer protection.”
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information