Scam Reimbursement Part 2 – Takeaways from UK Regulatory Actions to Combat APP Scams – 2024
Takeaways from UK Regulatory Actions to Combat APP Scams
Regulatory Actions that Reduce Scam Victim Losses
Author:
• Ken Palla, Retired Director, MUFG Union Bank – Courtesy of BioCatch
Article Abstract
“Global Insights: Learning from UK Regulatory Measures to Combat APP Scams”
Non-UK financial institutions can glean valuable insights from the UK’s regulatory approach to combatting authorized push payment (APP) scams. Beyond the focus on reimbursement, key lessons include the importance of developing standardized scam reporting metrics, implementing controls to prevent scams, and active participation in industry associations for intelligence sharing.
