For consumers, this can be a devastating blow, wiping out savings and knocking the livelihood of vulnerable individuals. Many hold banks responsible for the reimbursements to the victims of such crimes.
Yes, the customer technically authorized that payment, but humans make mistakes. APP fraud scams pull at the human nature of the customer, manipulating them to make that transfer to what they think is a legitimate payee. For some customers who are more vulnerable to these tricks, the payment provider is their only line of defense.
In lieu of a solution that stops the crimes from happening in the first place, bank reimbursement is the only source of protection.
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Isabelle is a journalist for Fintech Nexus News and leads the Fintech Coffee Break podcast.
Isabelle's interest in fintech comes from a yearning to understand society's rapid digitalization and its potential, a topic she has often addressed during her academic pursuits and journalistic career.