Faster Payments Fraud—A Strategic Outlook For Financial Institutions
Speaker(s):
Chairman:
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Background:
In the latter half of 2022, faster payments (also known as authorised push payments) fraud losses in the United Kingdom reached an alarming £249 million, with a mere 5% recovery rate reported by financial institutions. These troubling statistics come as the industry prepares for the impending 2024 regulation, which will impose a 50/50 liability on both the initiator and beneficiary institutions for reimbursing victims of fraud.
Current preventative measures predominantly rely on risk-scoring methods to flag suspicious transactions or engage in post-transaction fraud recall—both of which have limitations. Our forthcoming webinar will introduce a nuanced approach that aims to seamlessly bridge the gap between conservative fraud prevention and post-transaction recall processes. This methodology promises to reduce the time delays associated with awaiting confirmations, such as victim reports, while simultaneously minimizing customer impact caused by overly stringent real-time controls.
Join us for this essential discussion, as we explore this timely topic that has significant ramifications for risk management within financial institutions. Mark your calendar for a webinar that promises to offer actionable insights for a more secure financial future.
Speaker:
Taavi Tamkivi is the CEO and founder of Salv, an Estonian regtech that helps financial institutions to fight financial crime with smart technology. Prior to co-founding his own company Taavi was the global head of compliance for Wise (then TransferWise), responsible for scaling Wise's compliance teams and tooling. Before Wise, Taavi led Skype's revenue assurance and fraud teams. Taavi is also acting as a board member in FinanceEstonia, the peak body of the country's financial ecosystem.
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