Payment Fraud 2024

2024

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AI-generated summary

1) This Finextra impact study examines how new UK liability rules for authorized push payment (APP) fraud and the ISO 20022 migration are forcing financial institutions to overhaul their fraud detection, claims management, and data-sharing strategies.
2)
- Analysis of shifting liability landscapes, including the UK Payment Systems Regulator's mandate and international regulatory reactions in the EU, US, and Australia.
- Evaluation of the operational challenges, industry readiness levels, and fraud mitigation impacts surrounding the upcoming ISO 20022 messaging standard migration.
- Strategic priorities for banks, covering customer vulnerability, AI-driven product innovation, accelerated claims management, and real-time intelligence sharing.
3) Tags: Payment Fraud, Liability, ISO 20022, APP Scams, Fraud Prevention

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