The financial industry faces an unprecedented challenge with the growing sophistication of frauds targeting customers of Payment Service Providers (PSPs) and banks. Recent data reflects the severity of the issue, with UK consumers losing £1.7 billion to scams in 2023. This year from April to June, the Financial Ombudsman Service recorded almost 9,000 complaints about frauds, marking a disturbing rise. In 2023, Action Fraud, UK’s national reporting centre for fraud and cyber-crime, logged nearly 10,000 reports linked to leading fintech companies and major banks like Barclays, Lloyds, HSBC, Revolut, and Monzo.
This includes a significant increase in Authorized Push Payment (APP) fraud, where unsuspecting customers are tricked into transferring money directly to fraudsters. Additionally, the threat posed by Advanced Persistent Threats (APT) is alarming, a sophisticated cyberattack, often driven by state-sponsored or highly organised groups that infiltrate financial systems stealthily. Unlike conventional hacks, APTs maintain long-term access, harvesting sensitive data and potentially causing catastrophic damage.
In response to these growing threats, new regulations came into force on 7 October 2024, requiring PSPs and banks to refund customers who fall victim to APP fraud. While this regulatory shift is crucial for protecting consumers, it also underscores the responsibility that financial institutions bear in preventing fraud before it happens. The stakes are higher than ever, and the need for proactive, intelligent security solutions is clear.
At DigiDoe, security is, and always has been, our foremost priority. Our real-time AI-driven transaction monitoring is designed to detect suspicious activity, including social engineering, before it becomes a threat.
Our system constantly learns and adapts, studying transaction behaviours, account spending patterns, geographical locations, and device usage in real-time. If anything appears out of the ordinary—a transaction from an unusual location or a spending pattern that does not fit the account’s typical activity—it is flagged immediately for further review. This proactive approach enables us to stay one step ahead of fraudsters, protecting our clients from financial harm before it can take place.
Our mission is to provide a secure financial solution for seamless global transactions. We understand the challenges our clients face, and are here to ensure that, no matter the threat, your trust in us is never misplaced.