Revealed: The tools and strategies needed in the fight against fraud

Open Banking Expo, in association with Bottomline, has published a new report on the evolving global fraud landscape, which reveals how to navigate the growing threat, particularly from authorised push payment (APP) fraud.

Andy Donald, director of communications at UK Finance, told Open Banking Expo that fraud in the UK must be considered “a national security threat” and cited the importance of international cooperation.

In ‘Rising to the fraud challenge 2024’, senior executives from Bottomline take a closer look at the fraud prevention strategies being adopted by payment professionals, with a focus on Confirmation of Payee (CoP).

Bottomline’s Omri Kletter

Bottomline’s Omri Kletter, global vice president, product and strategy – risk solutions, explains why “scalability and innovation” are the “bedrock of future-proofed fraud prevention strategies”.

In her article in the report, Kate Frankish, chief business development officer and anti-fraud lead at Pay.UK, writes about CoP in the fight against fraud as “a layer of good friction”.

While Mark Bish, product lead risk solutions – corporates at Bottomline and Erez Nounou, product lead risk solutions – financial messaging at Bottomline, reveal why CoP is a crucial tool in combating APP fraud in the UK and consider the lessons learned from this “pivotal tool”.

“Looking ahead, the trajectory of fraud prevention hinges on global collaboration and regulatory alignment,” Bish and Nounou write.

The report also reveals why the UK has “emerged as a pioneer in combating fraud”, according to Frédéric Viard, head of commercial product management – financial messaging at Bottomline, and Nounou.

Elsewhere in the report, read about what the latest developments in AI and Open Banking mean for the future of fraud, and why all eyes are on the tech giants to join the fight against fraud.

As well as critical insights from senior executives, the report paints a picture of the scale of scams and fraud with key industry statistics from UK Finance, the Payment Systems Regulator and National Crime Agency.

Click here to download the full report.