The Banking Industry Needs a United Front Against Fraud
Around the World, APP Scams Are Growing With Real-Time Payments
APP scams are on the rise — and rising rapidly. Losses are expected to record an average compound annual growth rate (CAGR) of 21% from 2021 to 2026 across the U.K., U.S., India and reach a total of $5.2 billion.
Loss of Trust Is Already Undermining Banks’ Revenue
The vast majority of consumers that fall victim to APP scams reported closing their account, illustrating the reputational and financial risks of APP scams to banks.