“Regardless of the volume of fraud and money laundering found in each RTP system, the continued growth of fraud via RTP and the emergence of cross-border solutions necessitates that financial institutions across multiple jurisdictions adopt a change in their risk posture.”
Jonathan Frost, Fraud & Cybercrime Expert
Payment fraud and other fraud scams is a growing problem impacting economies around the world. This year, the United Kingdom introduced regulations requiring financial institutions to reimburse victims of authorised push payment (APP) scams. This makes the UK the first jurisdiction in the world to introduce legislation for APP scam reimbursement.
In this white paper, Jonathan Frost offers invaluable insights and considerations for the banking industry. He highlights the complexities of APP fraud, the UK’s regulatory changes, and global fraud reimbursement approaches.
Discover how anti-financial crime technology, education, and consortia infrastructure can enhance detection and prevention as fraud liability shifts.
About Jonathan Frost
During his tenure at the City of London Police, Jonathan led the development of the UK National Fraud and Cybercrime Reporting system. He also contributed to the evidential workstream of the Contingent Reimbursement Scheme (CRM), the voluntary scheme for APP fraud reimbursement.
Recently, he served as the Director of Technical Collaborations at Stop Scams UK, working with companies like Meta, Google, and BT to combat fraud at source. Jonathan also worked on several data science projects for the Foreign, Commonwealth and Development Office and Home Office during his time with Faculty.ai.
Jonathan currently sits on the board of the Stop Scams Alliance (US 501(c)(3) nonprofit). He acts as an independent consultant to several organisations, assisting them to reduce fraud and cybersecurity risks.
