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FICO Round Table Discusses Approaches to Sharp Rise in Scams and Authorised Push Payment Fraud

January 5, 2023 at 4:05 AM EST

FICO event on 8 February will gather industry experts to discuss what must be done across the payments ecosystem to stem losses from fraud scams

LONDON--(BUSINESS WIRE)--Jan. 5, 2023-- In 2021, UK losses to authorised push payment (APP) scams reached £583.2 million. This 39 percent year-on-year increase in losses shows how inventive and active scammers can be. FICO is hosting a round table on 8 February 2023 at The Shangri-La in The Shard, London, to discuss what can be done to tackle this threat to financial stability.

“When the Covid pandemic pushed an even higher number of transactions online, fraudsters saw an opportunity and reacted,” explained Naomi Palmer, senior consultant for fraud at FICO. “The payments industry has already taken great strides in improving detection and prevention tactics, but this is not an area where the sector can take its eye off the ball. The best way to push back at fraudsters is with a considered and collaborative effort — everyone in the payments ecosystem must be on the same page.”

FICO’s round table is designed to provide a non-competitive and collaborative forum to share learnings and discuss new strategies.

As well as a number of representatives from the financial sector, industry experts will join the discussion, including:

  • Jonathan Williams, Payments Specialist, Payments Systems Regulator
  • Dianne Doodnath, Principal, Remote Payment Channels at UK Finance
  • Gareth Williams, Naomi Palmer and Alex Berriman, Fraud Consulting at FICO

“We will all benefit from this gathering of industry leaders, experts and regulators,” concluded Palmer. “The opportunity to discuss key issues and develop a plan is an important step in protecting consumers’ finances.”

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at https://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

Wendy Harrison/Parm Heer/Matthew Enderby
0208 977 9132

Source: FICO