BPAY Group takes its role in assisting Members reduce their exposure to fraud seriously.
Fraud is an ever-present risk in the online banking world and, as part of this environment, we actively work with Member institutions to assist them in mitigating their BPAY Group fraud risk, be it BPAY Payments or Osko Payments.
Each month Members can download a bespoke Fraud Dashboard report, highlighting their key fraud activity from both Payer and Biller Institution perspectives.
We also produce similar Fraud Dashboard reports at a ‘whole-of-Scheme’ level, again for both BPAY Payments and Osko Payments.
Each of these is accompanied by a Fraud Overview – in this we take a deeper dive into topical fraud trends and vulnerabilities, as well providing Members with intelligence of specific risks we identify through detailed analysis of fraud data.
High level of the BPAY Group fraud landscape
The range of Biller types which offer BPAY Payments facilities has increased significantly over the years and now represent a very diverse variety of organisations and business types.
Most recently, an increase in online merchants which provide specialist ecommerce services has seen an evolution of the ‘traditional’ BPAY Biller landscape.
This of course provides a broader scope of potential avenues for criminals to attempt to monetise their fraudulent activity.
Through effective, risk-based transaction monitoring, fraud exposure can be kept to a minimum.
The reporting, analysis and intelligence provided by BPAY Group can help Members make informed decisions to maximise the effectiveness of their fraud monitoring rules.
Has real-time payments made a difference to the fraud landscape?
Since the launch of Osko Payments in February 2018, both BPAY Group and participating Members have been keenly monitoring fraud levels through the new channel.
While there has been, inevitably, some fraud occurring via Osko Payments, through dialogue with Member fraud teams and analysis of fraud reporting, we have not observed any discernible movement in overall online fraud levels.
As Members elect to default payments via Osko as the preferred channel, frauds which would have previously been Pay Anyone transactions are now being identified in Osko statistics - so as above, there has not been an increase in actual fraud volume, rather a change in the transaction type.
Finally, it is important to note that the industry has not identified any new fraud methodologies designed specifically to target real-time payments. Online banking accounts being compromised by means such as computer viruses, mobile phone porting and scams, are established typologies which have been employed to conduct digital fraud for several years.
Members are welcome to contact
BPAY Group at any time to discuss their own organisations fraud, or if they have any concerns or questions regarding wider fraud related issues.
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