Authorized Push Payment and Social Engineering: How to Fight Back
Authorized Push Payment and Social Engineering Scams When fraud happens as due to scams and social engineering, businesses will have a difficult time stopping it. This is due to the fact that when legitimate clients fall victim to fraudsters on the internet, for instance, when it comes to the authorized Push Payment Fraud (APP)--the consequences of losses could be devastating, not only for the individual victim but also the business where the fraud occurred. According to FTC, American consumers have reported losing more than $2.3B to fraudsters in 2021. In the meantime, across the Atlantic, UK Finance revealed that the losses incurred due to authorized push fraud increased by 71% during the first quarter of the year 2021 UK The same report states that the amount that was stolen from this type of scam was even greater than the losses incurred by card fraud. In the end, financial institutions have to come up with ways to fight the massive losses t...