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By Vanessa MÜLLER, Partner, ESG Leader Clément ROBERT, Senior Manager, Regulatory Compliance, EY Luxembourg
In one of its latest reports(1), the European Banking Authority (EBA) has highlighted a surge in impersonation fraud and sophisticated online and social scams, often leveraging new payment methods such as instant payments. As instant payments become widely available, the EBA reports that, back in 2022, fraud rates for instant credit transfers were on average 10 times higher than for regular credit transfers. With the rise of social media and advanced scamming techniques, banks are increasingly confronted with a type of fraud called Authorized Push Payments (APP).
Limitations of current market anti-fraud practices...
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