How Modulr is working to reduce and prevent APP fraud
At Modulr, we recognise that Authorised Push Payment (APP) fraud is a devastating form of financial crime affecting UK consumers and businesses.
The latest figures from UK Finance show that £239.3 million was lost to Authorised Push Payment (APP) scams in the first half of 2023 alone.
Modulr takes fraud very seriously. Along with our continued development behind the scenes to deliver technologies that will enable better fraud detection and prevention, we are committed to working across the industry to share insights, identify new opportunities for collaboration and promote customer awareness of how to prevent APP fraud.
In this blog we’ll take a look at some of the industry initiatives Modulr are involved in and the resources available to our customers to help report and prevent APP fraud.
Read more on the different types of financial fraud and scams and how to reduce the likelihood of failing victim here.
To contact Modulr if you’ve been a victim of fraud, please call our 24/7 support team on 159 (or dial +44 (0) 303 313 0060), alternatively complete this form.
Here are some of the ways Modulr is working with the industry to prevent and reduce fraud:
Stop Scams UK exists to facilitate cross-sector collaboration. Bringing together businesses across banking, technology and telecoms sectors to proactively combat scams at their source.
For a scam to be successful, it will touch on at least two, if not all, of the banking, technology, and telecoms sectors. Working with Stop Scams UK, Modulr actively participate in cross-industry discussion that enable members to share insight, overcome blockers and identify opportunities that will help prevent fraud at its source.
With StopScams UK, Modulr is part of the ‘Stop, Hang Up, CALL 159’ initiative. 159 is a memorable short-code phone service which connects customers securely with their bank when they receive suspicious calls about financial matters.
159 works in the same way as 101 for the police or 111 for the NHS. It’s the number you can trust to get you through to your bank, every time.
159 can NEVER be spoofed. 159 will never call you. Only a fraudster will object to you calling 159.
Modulr is a member of CIFAS, the UK's leading, not-for-profit fraud prevention service.
CIFAS manages the National Fraud Database which enables Modulr to securely share fraud data and intelligence, helping CIFAS members to protect themselves, their customers and other organisations from billions of pounds worth of fraud losses.
Organisations looking to reduce their fraud risk can access more information here about how CIFAS provides protection. For example, its Vision solution proactively monitors an organisation’s customer data to alert them when their customer risk level changes. CIFAS also holds specialist fraud prevention training through its Fraud and Cyber Academy and Digital Learning programme to develop critical knowledge and understanding.
CIFAS also provides products and services to individuals that help identify, detect and prevent fraud to keep UK businesses and consumers safe.
For individuals wanting help and advice on fraud and scams, click here. Victims of identity fraud can also apply for Cifas’ Protective Registration which costs £30 for two years’ cover.
Led by UK Finance, Take Five is a national campaign that provides straight-forward advice to help everyone protect themselves against financial fraud. Modulr, along with other partners across the UK payments and finance industry law enforcement and beyond, help to promote awareness of fraud.
Take Five to Stop Fraud provide advice on the different types of scams fraudster operate, along with how to stay safe.
STOP
Taking a moment to stop and think before parting with your money or personal information could keep you safe.
CHALLENGE
Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
PROTECT
Contact your bank immediately if you think you’ve been scammed and report it to Action Fraud at actionfraud.police.uk or on 0330 123 2040.
In addition to these initiatives, Modulr is active in regular engagments between law enforcement and the industry. This collaboration is critical to creating a shared understanding of risks and themes, as well as discussing the challenges different organisations face indetecting and preventing fraud. Modulr actively work with partners in law enforcement to identify and share best practice.
If you think you’ve been a victim of fraud, contact your bank immediately. The quicker fraud is reported the better.
To contact Modulr if you’ve been a victim of fraud, please call our 24/7 support team on 159 (or dial +44 (0) 303 313 0060), alternatively complete this form.
Helpful links:
Action Fraud: www.actionfraud.police.uk/
Citizens Advice: www.citizensadvice.org.uk/consumer/scams/get-help-with-online-scams/
Victims Support: www.victimsupport.org.uk/crime-info/types-crime/fraud/