{"id":111607,"date":"2024-07-08T16:30:27","date_gmt":"2024-07-08T15:30:27","guid":{"rendered":"https:\/\/www.intelligentcio.com\/eu\/?p=111607"},"modified":"2024-07-23T09:52:50","modified_gmt":"2024-07-23T08:52:50","slug":"fraudulent-banking-transactions-in-the-uk-to-total-38-million-over-next-five-years","status":"publish","type":"post","link":"https:\/\/www.intelligentcio.com\/eu\/2024\/07\/08\/fraudulent-banking-transactions-in-the-uk-to-total-38-million-over-next-five-years\/","title":{"rendered":"Fraudulent banking transactions in the UK to total 38 million over next five years"},"content":{"rendered":"\n<p>A new study from <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=http-3A__tracking.juniperresearch.com_tracking_click-3Fd-3DKu2KZEuwuS9ZtF4e45QrXvo78K-5FE0Zc5xLxVNGjPLcqOa7PtMHqwSWTakgbgsDBIESkE6jC4IiCsJrJ-2DAns5L5vcSrx7YjVrhwRkeN5oXQSlphpJhWW47-2DC1Lph5LSkr1fuwtbjHvlDZIlfFP3XzmpeYJFWILgLJFwz3wQ0qEQf4w-2DCfJdq5UlN1RHKJqb2DdFhIVGjA9rvusqv595QvXeILJtIaRYzo3g84e51USDjW0&amp;d=DwMGaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=JqYTqmC723Z8lpzWww7e61by3WK1UZ_7p03lmzHCZ3E&amp;m=h95MLxiaWXbFMltafooaJs0JflwZ_58Dlsc2mLWyIMnRaUtew1McVwMx-nx3AIux&amp;s=-FrP3iC6Rbk08XbDAGHQ4gJ94F4akt3hL9rb0sddII4&amp;e=\" target=\"_blank\" rel=\"noreferrer noopener\">Juniper Research<\/a> has found the number of fraudulent banking and money transfer transactions in the UK will increase 111% over the next five years &#8211; from 4.2 million in 2024, to 8.8 million in 2029.\u00a0<\/p>\n\n\n\n<p>Despite the UK being one of the most technologically developed FDP (Fraud Detection &amp; Prevention) markets, it anticipates additional measures, such as AI-based real-time FDP, will be required to mitigate the growing threat of fraud.<\/p>\n\n\n\n<p>The research predicts the UK\u2019s upcoming PSR (Payment Systems Regulator) reimbursement regulation will significantly impact fintechs&#8217; adoption of FDP solutions.<\/p>\n\n\n\n<p>The regulation aims to reduce fast-growing APP (Authorised Push Payment) fraud; the act of fraudsters tricking their victims into willingly making large bank transfers. However, increasing concerns surround the regulation\u2019s impact on faster payments; potentially slowing them to ensure APPs are legitimate.<\/p>\n\n\n\n<p>Therefore, AI needs to be implemented into FDP systems to enable financial institutions to quickly identify APP fraud without diminishing the value of faster payments.<\/p>\n\n\n\n<p>The research also identified data sharing between stakeholders in the payments landscape as vital to maximising the value of FDP solutions, especially within faster payments where real-time fraud detection will be key.&nbsp;<\/p>\n\n\n\n<p>Report author Cara Malone explained: \u201cThe plethora of data collected throughout the payments processes will be utilised to develop several different FDP tools, ranging from behavioural biometrics to identification.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new study from Juniper Research has found the number of fraudulent banking and money transfer transactions in the UK will increase 111% over the next five years &#8211; from 4.2 million in 2024, to 8.8 million in 2029.\u00a0 Despite the UK being one of the most technologically developed FDP (Fraud Detection &amp; Prevention) markets, [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":112303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42,18767,6617,93],"tags":[406,20748,17705,5006],"class_list":["post-111607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-finance","category-deep-dive-newsletter","category-research","category-top-stories","tag-banking","tag-fdp","tag-juniper-research","tag-uk"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/posts\/111607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/comments?post=111607"}],"version-history":[{"count":1,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/posts\/111607\/revisions"}],"predecessor-version":[{"id":111610,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/posts\/111607\/revisions\/111610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/media\/112303"}],"wp:attachment":[{"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/media?parent=111607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/categories?post=111607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/eu\/wp-json\/wp\/v2\/tags?post=111607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}