Rising numbers of automatic push payment scams and real-time payment fraud is set to cost Australians over $1.5 billion annually by 2027.
Read the full report here
Globally, APP scam losses are on the rise and expected to climb to $6.8 billion by 2027 across six major counties (U.S., U.K., India, Brazil, Australia and Saudi Arabia)
Different types of scams are rising in popularity in different countries. Saudi Arabia, Brazil, and Australia are seeing huge growth in automatic push payments - a type of scam in which victims are tricked into sending large amounts into a fraudsters account.
Scamscope predicts the expected APP fraud losses by country 2022-2027
- Australia: $793-$1,522.9 million
- Brazil: $246.7-$635.6 million
- India: $393.7-$611.9 million
- Saudi Arabia: $25.3-$81.5 million
- U.K.: $587.2-$934.7 million
- U.S.: $1,939.9-$3,030.8 million
In India and the US, real time payment fraud is more prevalent - with the US seeing a 41% rise in the value of real time payment fraud. This can include buying products online which lead to fraudulent activity on your account.
Growth of APP scams value vs. growth of real-time transactions value (2022-2027)
- Australia: 14% vs. 24%
- Brazil: 21% vs. 26%
- India: 9% vs. 22%
- Saudi Arabia: 26% vs. 34%
- U.K.: 10% vs. 22%
- U.S.: 9% vs. 41%
With fraud rising across the globe, now is the right time to ensure your payment processes are locked down and you are protecting yourself and your business from fraudsters.
