Scams are rising across the globe, and criminals are exploiting the current situation to prey on more victims
In the US romance scams increased 40% in 2019 year-on-year to $201 million.1
In Australia the amount lost to scams in the first quarter of 2020 has increased over 43% for the same period in 2019. 2
In the UK, Authorized Push Payment (APP) fraud rose by 29% in value in 2019 year-on-year, with reported cases up 45%. 3
Authorized Push Payment (APP) scams are growing at an alarming rate across the world. Scams are traditionally difficult to detect and with less stringent controls than for other fraud types, criminals have found the new weak link. APP scams have seen a boom in recent years, but by using real-time machine learning technology that takes a different approach, ARIC Risk Hub can help combat scams and protect you and your consumers.
Download our info sheet to discover more about:
- Authorized Push Payment (APP) scams
- Real-time protection from APP scams
- The impact of faster payments
- How ARIC Risk Hub combats scams
1 Federal Trade Commision: New FTC Data Show Consumers Reported Losing More Than $200 Million to Romance Scams in 2019
2 Australian Competition and Consumer Commission: Scam Watch
3 UK Finance: FRAUD - THE FACTS 2020
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