Community

There are several things that banks could do to help reduce APP fraud:
Bank impersonation fraud via phone calls - legitimate bank can send a code via notification to user's mobile app that they confirm to the operator (Chase do this, it works well & gives mutual authentication)
CoP - extend to non-participating banks, but CoP still relies on the consumer (who has already been tricked) to make the fraud decision, so is not the best approach as scammers will talk them through the warnings
Carry out SCA on the recipient before initiating the FPS - (possible now with digital identity solutions) - this gives mutual authentication and additional data for the sending bank to use in the fraud decision. Scammers will not want to SCA themselves so this will reduce fraud.