APP fraud regulation: What Europe's PSR means for banks

APP fraud regulation: What Europe's PSR means for banks

Criminals do not recognise borders. When a victim is manipulated into authorising a fraudulent payment transfer — a tactic the industry variously labels APP fraud, payment fraud, or a scam depending on the market — the underlying mechanism is identical whether it occurs in Helsinki, Frankfurt, or Lisbon. According to Salv, Europe’s regulators are beginning to acknowledge as much, and the legal architecture responding to that reality is now takin…

How Europe's new rules are closing the APP fraud gap

Authorised push payment (APP) fraud does not stop at national borders. When a criminal manipulates a victim into approving a payment transfer, the attack is just as effective whether it takes place in London, Lisbon or Ljubljana. According to Salv, the terminology may shift — APP fraud, payment fraud, scam — depending on the market, but the mechanics are identical: social engineering deployed to trick someone into authorising a transfer they nev…