The rising tide of authorised push payment fraud
Most APP transactions are legitimate, but determining what to trust is increasingly difficult. Fraud detection and prevention are among the most critical competencies in banking today. Authorized push payment (APP) is increasing in both frequency and complexity, leaving organizations to deal with thousands of fraud attempts every single month. Unfortunately, traditional fraud controls flag unauthorized anomalies. APP fraud bypasses these entirely because the customer initiates the payment willingly. Failure to detect unusual payment patterns, such as first-time payees, unusual amounts, or atypical transaction timing can cause losses and make recovery near impossible.
Validating authorization without added friction
To battle the volume, variety, and complexity of these fraud attempts, you need powerful solutions that streamline risk evaluation and investigation at scale, without compromising customer service. With a game-changing approach to risk assessment, Clearspeed unlocks a massive resource optimization advantage, using voice-based risk indicators to help identify or validate suspected fraud early.
- Impersonation scams
- Romance scams
- Investment fraud
- Purchase scams
- CEO/mandate fraud
- Recruited money mules often unknowingly receiving and forwarding funds
- Compromised legitimate accounts; ATO by transient mule accounts
- Organized mule networks operating across multiple institutions
- Disproportionate impact on elderly and vulnerable customers
- Friction vs. protection balance:Adding intervention steps to protect vulnerable customers risks being seen as discriminatory or creating excessive friction for legitimate users.
Clearspeed provides support for uncovering many forms of APP risk:
Get a primary risk measure that you can't find elsewhere
Quickly clear low-risk transactions and accelerate speed to pay
Focus resources on higher risk transactions
Easy insertion into existing workflows
Clearspeed Benefits
