By: 15 November 2023
FICO aims to increase consumer awareness of APP fraud

FICO’s new research suggests that UK consumers are not taking Authorised Push Payment (APP) fraud seriously, wherein someone tricks them into sending money from their bank account to a fraudster. The data also indicates that the 65+ age group, one of the most vulnerable sections of society, is the least concerned about this form of financial fraud.

It seems there is a disconnect between consumers’ understanding of potential financial losses through APP fraud, and their perception of the threat to themselves.  The implications for older people are concerning. While people of any age can be victims, certain frauds such as pension investment scams target this age group.



  • Only 16.3% of consumers ranked APP fraud as the financial crime that is their biggest concern. 
  • Almost a fifth (19.6%) of women consider APP fraud the biggest fraud threat to them. Only 12.8% of men feel the same. 
  • People aged 25-34 are most likely to consider APP fraud the number one fraud threat — 27.9% ranked it first. 
  • Only 8.4% of those aged 65 + consider APP fraud to be their biggest fraud worry. 
  • The latest UK Finance Report shows a 22% rise in cases of APP fraud. New FICO research reveals that 31% of consumers surveyed rank it as the type of fraud they feel the least threatened by. 
  • Nearly 40% of respondents believe that the type of fraud with the highest losses is people being tricked into sending money to a fraudster. This is a description of APP fraud.


James Roche, a principal fraud consultant at FICO, believes the lack of consumer awareness of the risks of APP fraud needs to be addressed through effective customer communication. Financial service providers should also continue to focus on real-time prevention measures. 

“Despite the work carried out by payment service providers to address vulnerabilities in their fraud prevention systems, our research strongly indicates that more needs to be done to communicate the real and present the danger of APP fraud to customers,” said James Roche. 

“Consumers understand that APP fraud is costly, but it appears they think it is a crime that won’t happen to them. Recent moves by the regulator such as increasing the pressure on banks to re-imburse victims, may also be reducing caution. When people are reasonably sure that they will be paid back any losses to fraud, they might be less likely to ask if they really should be making the payment. 

“Payment service providers must up their game and get the message out to their customers that, despite the introduction of steps like Confirmation of Payee, fraudsters adapt and grow and APP fraud should still be a huge concern. Financial institutions also need to make better use of AI and machine learning tools to prevent incidences in the first place.” 


Image: Canva
Emma Cockings
Emma is a content editor for Claims Media.