APP fraud is the fastest growing type of fraud in the UK!
Good article, but what I’m more interested in how you protect vulnerable customers from APP fraud. Especially if they have Alzheimer’s or dementia
For example, on every inbound bank transfer we compare the name the sender entered when they sent the payment with the actual name on the account and store the result of this comparison.
That’s very interesting! I didn’t know this was sent to the recipient’s bank, I’d assumed that only the reference was sent. Is this for Faster Payments only, or does it also apply to BACS?
I really like that you state you’ll never call me without pre-arranging it. Monzo get it.
It’s so galling to get calls from other companies that instantly say “We need to ask a few security questions”. They act so astonished when I say no.