The Faster Payments Council (FPC) Fraud Work Group's Bulletin.01 addresses the evolution of fraud in faster payments, building on prior foundational work. The document outlines the existing work groups' efforts, including a 2020 white paper examining faster payments fraud prevention and a 2021 fraud survey. It delves into current trends and mitigation techniques, emphasizing the rise of authorized push payment (APP) fraud, where legitimate parties are deceived into making fraudulent payments.
The bulletin identifies gaps in fraud mitigation, suggesting opportunities for improvement, such as standardizing coding for fraud reporting and enhancing information sharing practices. The FPC calls for collaborative efforts to reduce faster payments fraud, emphasizing common industry practices and improved information sharing.