With the implementation of ever-faster digital payment systems, banks and their customers have seen a rapid increase in fraudulent activity. Payment, procurement and CEO fraud have cost businesses billions of pounds since 2013, and malware-based attacks have become particularly challenging to identify and counteract. Fraudsters are incredibly adept at leveraging new technologies to move stolen funds at speed through the UK payments system, and beyond – making it increasingly difficult to identify, stop, and repatriate money to victims. Combined with a perceived need for greater investment in law enforcement agencies, this means it can be difficult for businesses to recover assets after an attack.
Given all of these challenges affecting people, businesses, financial institutions and the wider UK economy, what is the best way to prevent fraudulent methods that are becoming more and more sophisticated? How can cutting-edge technology be used to bring fraud detection up to the level of increasingly quick payment methods? And with ever more regulations being put in place, how can collaboration between financial institutions, law enforcement agencies and their corporate customers be improved to combat fraud?
The Banker and Accura, VocaLink's insights business, are pleased to present this private editorial dinner discussing the best means to detect, prevent and rapidly follow up on payments fraud. Results from a recent survey of leading UK institutions by FT Remark, commissioned by Accura, will inform the discussion.