The Future of AI Technology
Authorized Push Payments (APPs) allow a payer to initiate money transfers to a payee, serving as a digital alternative to handing over cash.
When a payment is made, APPs send a push notification to the payer's device, requiring their consent to complete the transaction. This notification provides an added layer of security in addition to logging into their banking platform.
However, fraudsters often exploit APPs through social engineering tactics. They may impersonate high-level executives or technical support personnel, using urgency to deceive victims into authorizing payments to fraudulent accounts.
How we prevent Purchase Scams:
Pay by Phone
If a phone number is used to make the payment, it is processed through our Phone Detector. If the name registered to the phone number does not match the name of the person or company receiving the funds, the transaction will be rejected.
Paying Over the Internet
If a payment is made over the internet, it is processed through our IP Detector. If the name registered to the IP address does not match the name of the company receiving the funds, the transaction will be rejected.
To prevent APP fraud, businesses can:
• Use real-time transaction monitoring to identify suspicious patterns
• Use machine learning algorithms to detect fraud patterns
• Collaborate with other businesses to share information and insights
• Implement multi-factor authentication (MFA)
• Educate customers and employees about potential fraud attempts
APP fraud can take various forms, including:
• Purchase Scams
• Investment Scams
• Impersonation Scams
• Advanced Fee Scams
• Person-to-Person Scams
