Stay compliant with the PSR Reimbursement Requirements and protect against emerging fraud with scam detection, your bank’s loyal guard dog.
The new reimbursement regulation from the UK’s Payment Systems Regulator help drive forward the fight against APP fraud. Financial institutions must act quickly to comply, ensuring they meet regulatory standards to reimburse customers.
Complying with the PSR regulations by using Scam Detect for inbound and outbound fraud detection also helps financial institutions take back control against scams. Reduce your financial losses and safeguard customers with technology that gives you and your customers stronger fraud prevention.
Scam Detect works out-of-the-box against APP fraud, requiring minimal data to make an impact. It is easily implemented on top of your existing solution, is cost-efficient, and continuously improves over time. Built on Featurespace’s patented Adaptive Behavioral Analytics, it’s world-class fraud prevention that works across financial institutions of all sizes and scales.
Understand the evolving payments ecosystem and the types of fraud impacting the UK. With changing regulations, it's essential for banks and Payment Service Providers to stay compliant and secure through proactive measures.
Lee Ashmore,
HSBC Global Head of
AML Technology
Scam Detect provides a score highly tuned to detect scams that can be used with existing controls to increase detection rates. Our models are proven to work across institutions of all sizes and scale.
As attempts to trick victims become more sophisticated, Scam Detect has you and your customers covered.
Quickly identify romance scams with our proactive monitoring. Protecting both banks and victims, Scam Detect identifies red flags such as gradually escalating payments, or unusual frequent transactions to individuals with no prior financial history with the account holder ensuring your customers’ financial well-being stays intact.
Stay ahead of investor scams using our intelligent detection mechanisms. By profiling both beneficiaries and victims, we can pinpoint suspicious patterns like recurring payments, often increasing over time. Trust in Scam Detect to safeguard your customers' real investments and prevent financial loss.
The 2024 Payment Systems Regulator requirements represent a global shift in the fight against APP fraud. It is likely similar regulations will be replicated in different geographies in the near future as a measure against APP fraud.
Ensure your institution is ready by understanding the critical steps needed for compliance, and how to take back control against scams to reduce the need for reimbursement overall.
Sniff out the scammers. Receive the Fact Sheet and learn more about Scam Detect!
