The latest edition of Oaklen Consulting's Industry Watch highlights several studies on the subject of fraud prevention.
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The latest edition of Oaklen Consulting's Industry Watch highlights several studies on the subject of fraud prevention.
In the United Kingdom, UK Finance has observed an explosion in "authorized payment" fraud in the first half of 2021: the amount of fraud is more than 70% higher than in the same period in 2020. These frauds, initiated mainly via instantaneous transfers (Faster Payment), exceed the amount of card fraud.
These "authorized payments" are due to scams that exploit the trust of payers. Contrary to popular belief in France, these scams are mainly perpetrated against individuals.
Marginally, companies are concerned by the "president fraud".
In order to fight against "abstruse" wording on payment transaction statements, the ERPB publishes a set of recommendations so that the Who, Where and How are always present and explicit on a transaction statement.
These recommendations apply to all the players in the chain (merchants, acquiring PSP, scheme and payer PSP). Their application must allow to reassure customers and to limit disputes due to incomprehensible wording.
The CNIL notes the richness and "simplification" of the purchasing process made possible by the use of data collected by the various players in the payment chain (merchant, acceptance system, acquirer, scheme, etc.).
It breaks down the obligations that payment actors have under the RGPD, even for the purpose of combating fraud.
Finally, it calls for the implementation of a Code of Conduct by the payment industry players who collect, share or reuse payment data.
The European Commission publishes several texts aiming at reinforcing the effectiveness and the coherence of the fight against money laundering and terrorist financing (AML/CFT) at the EU level.
In particular, this involves the creation of a European authority (AMLA: Anti-Money Laundering Authority) which will be responsible for supervising institutions with a significant presence in several European countries, consolidating the results of national inspections and defining risk profiles that can be applied uniformly by the national authorities.
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