The latest Fraud League tables by the PSR should be viewed as a significant wake up call by the payments industry, according to Evgeniy Ivantsov, CMO of Payments Consultancy FYST.
The report detailed that for every £1m TSB customers sent in 2022, £348 of that was lost to APP fraud. Meanwhile, for Santander customers that is £322 per £1m lost to APP fraud, and for both Metro and Monzo customers that is £280 per £1m lost to APP fraud.
Central to the importance of the report is increasing transparency around the strategies of banks and performances of banks when it comes to APP fraud – providing a unique insight into how they deal with it.
The group emphasised that off the back of the report it is seeking to bring together payment firms in order to increase the consistency of protections.
Ivantsov commented on the importance of the report, as he supported the steps for increasing accountability and transparency.
He said: “The PSR’s APP Fraud Report marks a significant wake-up call for the payments industry. The PSR’s decision to release performance league tables for payment companies on the issue of APP fraud underscores the growing importance of transparency and accountability in safeguarding consumers and businesses.
“At FYST, we fully endorse this initiative as it fosters healthy competition and encourages companies to raise their standards in combating fraud. These league tables provide a clear picture of who excels in fraud prevention, ultimately benefiting both the industry and its stakeholders. It also offers poorly performing companies a chance to improve their offering.
“As an industry fraud, APP or otherwise, is a huge area of concern and we must do everything in our power to protect our clients and our consumers from nefarious tactics.”