Latest news with #internationalpayments
Yahoo
5 days ago
- Business
- Yahoo
UK banks urged to beef up anti-fraud systems for international payments
UK banks and payment firms have been urged to strengthen their anti-fraud systems for international payments after a rise in scammers tricking people into sending money abroad. After years of horror stories about people losing huge sums through bank transfer scams, rules came into force last October requiring UK banks and other payment firms to refund those who have been manipulated into sending money to criminals. This week, industry data revealed that the number of cases of this type of crime had fallen to its lowest level for five years. Related: 'Remote purchase' fraud in UK surges as customers tricked into disclosing passcodes The frauds are known as authorised push payment (APP) scams. The number of cases fell by 20% last year to just under 186,000, said the banking body UK Finance, which issued the data. In 2023, there were more than 232,000 cases. The decrease is thought to be down in part to the new rules, plus other initiatives and greater awareness. But the figures came with some stings in the tail. While the number of cases fell substantially, the total amount lost to APP fraud decreased by just 2% to £450m. In other words, as UK Finance put it, 'fewer people are handing over bigger sums of money'. There was also a 'notable increase' in APP scams involving international payments, in which criminals trick people into sending money outside the UK. This is not covered by the new rules, which apply to money that is moved from one UK bank account to another. This week's data revealed that international payments accounted for 11% of APP scam losses in 2024 – almost double the 2023 figure. Rocio Concha, the director of policy and advocacy at Which?, said: 'Fraudsters are constantly evolving their tactics, so it is disheartening but unsurprising to see a rise in the number of cases in which scammers trick their victims into sending money abroad.' As these payments are not covered, the victims are very unlikely to get their money back. 'Banks and payment firms should enhance their anti-fraud controls for international payments, and the independent review of the mandatory reimbursement scheme in October should take note of these emerging trends,' said Concha. Most of the APP frauds reported last year (71%) were purchase scams, in which the victim hands over money for goods or services – perhaps a car, a mobile phone or gig tickets – that either do not exist or never arrive. When it comes to the total amount of money lost, investment scams dominate. Typically, the criminal convinces victims to move their money to a fictitious fund or pay for a fake investment. Cryptocurrencies often feature heavily. More than £144m was stolen via this type of APP fraud in 2024 – up 34% on 2023, despite a sizeable fall in the number of cases. UK Finance is itself not immune to being targeted by scammers. This week there was a prominent warning on its website saying: 'We are aware of a potential scam involving people being offered loans for an upfront fee by an individual posing as a representative of UK Finance.' The organisation doesn't offer any financial products, 'and anyone claiming to provide such products on our behalf is fraudulent,' it said. Meanwhile, the payments firm Visa this week revealed four fraud tactics that it said had been gaining ground across the UK and Europe in recent months. They are: Fraudsters offer high-value goods – such as exercise machines – at low prices. Shoppers are tricked into handing over the one-time passcode banks send customers to authorise transactions. These are then used by criminals to carry out fraud. Fake apps impersonating trusted organisations are stealing personal and financial data. Scammers get hold of people's card details via phishing and then link these to criminal-controlled digital wallets. They then use software that allows them to make contactless payments using these details remotely from anywhere in the world. Generative artificial intelligence is increasingly being used to create convincing fake IDs and open fraudulent accounts. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
5 days ago
- Business
- The Guardian
UK banks urged to beef up anti-fraud systems for international payments
UK banks and payment firms have been urged to strengthen their anti-fraud systems for international payments after a rise in scammers tricking people into sending money abroad. After years of horror stories about people losing huge sums through bank transfer scams, rules came into force last October requiring UK banks and other payment firms to refund those who have been manipulated into sending money to criminals. This week, industry data revealed that the number of cases of this type of crime had fallen to its lowest level for five years. The frauds are known as authorised push payment (APP) scams. The number of cases fell by 20% last year to just under 186,000, said the banking body UK Finance, which issued the data. In 2023, there were more than 232,000 cases. The decrease is thought to be down in part to the new rules, plus other initiatives and greater awareness. But the figures came with some stings in the tail. While the number of cases fell substantially, the total amount lost to APP fraud decreased by just 2% to £450m. In other words, as UK Finance put it, 'fewer people are handing over bigger sums of money'. There was also a 'notable increase' in APP scams involving international payments, in which criminals trick people into sending money outside the UK. This is not covered by the new rules, which apply to money that is moved from one UK bank account to another. This week's data revealed that international payments accounted for 11% of APP scam losses in 2024 – almost double the 2023 figure. Rocio Concha, the director of policy and advocacy at Which?, said: 'Fraudsters are constantly evolving their tactics, so it is disheartening but unsurprising to see a rise in the number of cases in which scammers trick their victims into sending money abroad.' As these payments are not covered, the victims are very unlikely to get their money back. 'Banks and payment firms should enhance their anti-fraud controls for international payments, and the independent review of the mandatory reimbursement scheme in October should take note of these emerging trends,' said Concha. Most of the APP frauds reported last year (71%) were purchase scams, in which the victim hands over money for goods or services – perhaps a car, a mobile phone or gig tickets – that either do not exist or never arrive. When it comes to the total amount of money lost, investment scams dominate. Typically, the criminal convinces victims to move their money to a fictitious fund or pay for a fake investment. Cryptocurrencies often feature heavily. More than £144m was stolen via this type of APP fraud in 2024 – up 34% on 2023, despite a sizeable fall in the number of cases. UK Finance is itself not immune to being targeted by scammers. This week there was a prominent warning on its website saying: 'We are aware of a potential scam involving people being offered loans for an upfront fee by an individual posing as a representative of UK Finance.' The organisation doesn't offer any financial products, 'and anyone claiming to provide such products on our behalf is fraudulent,' it said. Meanwhile, the payments firm Visa this week revealed four fraud tactics that it said had been gaining ground across the UK and Europe in recent months. They are: Fraudsters offer high-value goods – such as exercise machines – at low prices. Shoppers are tricked into handing over the one-time passcode banks send customers to authorise transactions. These are then used by criminals to carry out fraud. Fake apps impersonating trusted organisations are stealing personal and financial data. Scammers get hold of people's card details via phishing and then link these to criminal-controlled digital wallets. They then use software that allows them to make contactless payments using these details remotely from anywhere in the world. Generative artificial intelligence is increasingly being used to create convincing fake IDs and open fraudulent accounts.
Travel Daily News
23-05-2025
- Business
- Travel Daily News
TerraPay urges small travel firms to adopt virtual cards
Recommendations from payment provider TerraPay on optimizing your payment setup – especially if you are a small property owner navigating international transactions. BARCELONA – Ahead of next week's Bavel Summit by Voxel in Barcelona, payment provider TerraPay is urging the 35% of travel businesses – especially small and single-property operators – that currently don't accept virtual cards to reconsider their payment strategies. The company warns that outdated systems and reliance on traditional banking are putting many operators at a disadvantage position in the rapidly evolving digital marketplace. Koert Grasveld, Vice President of Travel Payments at TerraPay, says: 'Small property owners often struggle with managing international payments due to limited access to advanced digital tools and the high costs associated with traditional banking systems. 'These challenges include slow transaction times, high fees, and complex processes that hinder cash flow and create barriers to competing effectively on a global scale. For many small-scale operators – especially those managing just one or a few properties – these inefficiencies can significantly impact their ability to capture and serve international guests smoothly.' Grasveld points to virtual cards and other modern payment tools as a viable alternative that can simplify cross-border transactions and reduce dependence on legacy infrastructure. 'These platforms enable instant, secure, and cost-effective transfers, often bypassing intermediaries that add delays and extra costs,' he said. And adds: 'By adopting virtual payments, small property owners can streamline financial operations, improve cash flow management, and unlock new opportunities to grow in an increasingly global and digital travel economy.' Despite the growing shift toward digital transactions, many small hotel and boutique property managers still rely on slow and costly SWIFT-based systems. This creates friction and operational delays that disproportionately affect smaller players – especially in regions where virtual card infrastructure is underdeveloped or nonexistent. Grasveld explains that this gap can be bridged by offering a more streamlined cross-border payment solution – one that reduces fees, shortens settlement times, and improves accessibility. This is particularly crucial in regions where mobile wallets have leapfrogged traditional banks, and businesses need more agile, tech-enabled solutions to stay competitive. In markets like Asia, where many individuals and businesses do not have bank accounts but rely heavily on mobile wallets, integrating directly with local financial ecosystems allows providers like TerraPay to eliminate traditional intermediaries and deliver fast, secure transfers – with no bank account required. The same technology is also enabling airlines and online travel agencies (OTAs) to deliver instant payouts to travelers to cover urgent expenses such as food and drinks or hotel accommodation – without the delays or limitations of traditional card-based systems. As the travel sector continues to digitalize, embracing flexible, secure, and scalable payment tools is becoming a necessity. TerraPay's message ahead of the Bavel Summit is clear: the industry – especially its smallest players – can't afford to be left behind.
Finextra
13-05-2025
- Business
- Finextra
Wise appoints Ricardo Amaral head of banking, Latin America
Wise, the global technology company building the best way to move and manage the worldʼs money, has announced the appointment of former Western Union executive Ricardo Amaral as its new Head of Banking for Latin America and Country Manager for Brazil. 0 This strategic hire is a key component of Wise's ambitious expansion in the Americas. It follows Wise's recent launch in the Mexican market and approval for direct connection to Brazil's Instant Payment System SPI - infrastructure that enables Pix). In his role, Amaral will oversee Wise's operations in Brazil and lead the development and execution of the fintech's business strategy across Latin America. He will be responsible for delivering the PIX integration and driving a highly localized growth strategy across all customer segments to further Wise's contributions to a faster, more convenient, and efficient international payment experience for Brazilians. With over two decades of experience in financial services, Amaral's expertise developing services in markets with complex regulatory frameworks uniquely positions him to drive Wise's growth in Latin America. Previously at Western Union, Amaral managed operations across Brazil, Chile, Panama, Colombia, among other countries, spearheading digitalization efforts and leading a team of over 300 professionals. 'I am thrilled to join Wise and contribute to the company's mission of building the best way to move and manage money across borders,' said Amaral. 'Having been here only a few weeks, I've already recognized the extensive knowledge and expertise within our local teams. I am eager to collaborate with them in Brazil and across Latin America, contributing to our growth in the Americas region.' The appointment of Amaral underscores the company's commitment to serving a large and growing region within its Americas operations, further solidifying Wise's position as a leader in the global financial landscape.
