NEWS
Fraudulent banking transactions in the UK to total 38 million over next five years
The research predicts the UK ’ s upcoming PSR ( Payment Systems Regulator ) reimbursement regulation will significantly impact fintechs ’ adoption of FDP solutions .
The regulation aims to reduce fast-growing APP ( Authorised Push Payment ) fraud ; the act of fraudsters tricking their victims into willingly making large bank transfers . However , increasing concerns surround the regulation ’ s impact on faster payments ; potentially slowing them to ensure APPs are legitimate .
A new study from Juniper Research has found the number of fraudulent banking and money transfer transactions in the UK will increase 111 % over the next five years – from 4.2 million in 2024 , to 8.8 million in 2029 .
Therefore , AI needs to be implemented into FDP systems to enable financial institutions to quickly identify APP fraud without diminishing the value of faster payments .
The research also identified data sharing between stakeholders in the payments landscape as vital to maximising the value of FDP solutions , especially within faster payments where real-time fraud detection will be key .
Despite the UK being one of the most technologically developed FDP ( Fraud Detection & Prevention ) markets , it anticipates additional measures , such as AI-based real-time FDP , will be required to mitigate the growing threat of fraud .
Report author Cara Malone explained : “ The plethora of data collected throughout the payments processes will be utilised to develop several different FDP tools , ranging from behavioural biometrics to identification .”
Retailer Kiabi transforms global network with GTT
GTT Communications , a leading global provider of secure cloud networking solutions for multinational organisations , has delivered a global network upgrade for Kiabi , an international retailer known for inclusive family fashion .
The transformation , which encompasses more than 430 Kiabi stores , warehouses and logistics centres , has increased the average bandwidth at new stores , ensuring resilient staff access to business-critical applications , enhancing the in-store omni-channel experience for shoppers , and supporting new store openings throughout Europe and Asia-Pacific .
“ The network we now have with GTT forms the foundation of our customer satisfaction , operational efficiency , and future business growth in Europe and Asia , allowing us to adeptly manoeuvre the complexities of the digital era ,” said Aymeric Picart , Network Team Manager , Kiabi . “ GTT ’ s single platform and professional services have helped us simplify the management of our global , distributed network , ensuring fewer network incidents , greater performance and higher reliability . The responsive and dedicated GTT team has worked with us to transform our network , balancing cost , service and performance , and continues to evolve it with us to enable new innovations that enhance the total shopping experience for our customers .”
“ We ’ re proud to deliver Kiabi ’ s global network , enabling it to seamlessly scale and connect with shoppers , suppliers and partners worldwide , supported by GTT ’ s global , leading , tier 1 IP backbone and our expertise in access management ,” said Tom Homer , President , Europe Division , GTT .
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