As digital payments continue to grow in popularity, the threat of fraudulent activity also rises. With UK Finance revealing that people in the UK lost £1.2bn to fraud in 2022, the equivalent of £2,300 every minute, it’s clear that there’s a pressing need for payment providers to take action to protect their customers. The report also stated that nearly 80% of APP fraud cases started online and 18% started via telecommunications, further emphasising the need for action.
At allpay, we’re committed to tackling and solving payments fraud, and we’re proud to say that our approach has been highly effective. Out of the 8,581,305 transactions made in the last year on our prepaid cards, only 0.0058% of these were fraudulent. Our fraud detection and prevention systems have enabled us to keep our customers safe, and our continued investment in cutting-edge technology means that we’re always one step ahead.
“I take pride in our commitment to preventing fraud and protecting our vulnerable prepaid cardholders from suffering its impact,” said Victoria Preece, Director of Governance, allpay Limited. “While fraudsters become more sophisticated in their methods, as an industry we need to be one step ahead by utilising cutting-edge technologies and ensuring compliance with new regulations that are designed to protect us all. allpay are dedicated to enhancing our approach to fraud prevention, to give our cardholders the peace of mind they deserve. As an example, we have implemented Confirmation of Payee on our Outbound Faster Payments, giving our customers improved confidence over who they are sending funds to and tackling the prevalence of APP fraud.”
allpay has a robust fraud system in place, which utilises a number of alerts to identify suspicious or fraudulent activity; these alerts are then reviewed and monitored by allpay’s experienced Compliance Team. allpay are constantly ensuring adherence with new regulations, making sure that our systems for combatting fraud are always improving in order to keep our fraud rate as low as possible.
One of the keys to allpay’s success has been our focus on collaboration. We work closely with industry bodies, law enforcement agencies, and other payment providers to share intelligence and insights about the latest fraud threats. This collaborative approach allows us to stay informed about emerging risks and take proactive steps to protect our customers.
We also invest heavily in training and development for our staff, ensuring that they’re equipped with the skills and knowledge needed to identify and respond to potential fraud attempts. Our teams are highly trained in the latest fraud prevention techniques and are constantly updating their knowledge to stay ahead of the game.
Overall, the UK Finance Annual Fraud Report highlights the need for financial institutions to remain vigilant in their efforts to tackle fraud and to continue to invest in the latest technology and consumer education to protect their customers. allpay Limited is committed to this goal and will continue to work tirelessly to prevent fraud and safeguard its customers' financial wellbeing.
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