ACI Worldwide releases APP scam losses report

According to Scamcope, a report by ACI Worldwide and GlobalData, Authorised Push Payment (APP) scam losses are expected to rise to USD 6.8 billion by 2027 across six leading real-time payment markets: US, UK, India, Brazil, Australia, and Saudi Arabia. Thus, losses to APP scams are expected to record an average CAGR of 11% from 2022-2027 across analysed markets.

How real-time payments could leap ahead of APP scams

Regulatory mandates for scam victim reimbursement

Report outlines 

• According to the Scamscope report, approximately 3 out of 10 fraud victims close their accounts, posing financial consequences for banks. There is also increasing pressure on regulators to hold banks accountable for fraud.
• APP scams are a cross-industry problem that requires solutions shared among financial institutions, the government, telcos and social media tech companies.
• By closely monitoring both incoming and outgoing transactions and analysing account behaviour, banks can break the mule account chain and detect mule accounts associated with synthetic or stolen identities and instances of account takeover.
• In the AI-driven era, a proactive approach is mandatory to combat scammers. 
• Leveraging diverse data signals and advanced technologies like voice biometrics enables institutions to understand customer intent prevent emerging AI threats and safeguard customer relations.\