Cognizant's Smart APP-Fraud Reimbursement Framework

Cognizant's Smart APP-Fraud Reimbursement Framework, powered by the Camunda platform, offers a comprehensive solution, addressing the limitations of Reimbursement Claims Management System (RCMS) and empowering Payment Systems Regulators (PSRs) to effectively combat Authorized Push Payment (APP) fraud. Our framework seamlessly integrates with RCMS and other critical banking systems (CRM, Fraud Prevention, Customer Communication), creating a unified view of fraud operations. the addressing the limitations of RCMS and empowering PSPs to effectively combat APP fraud. Our framework seamlessly integrates with RCMS and other critical banking systems (CRM, Fraud Prevention, Customer Communication), creating a unified view of fraud operations. *The APP Fraud Crisis: A Growing Threat Authorized Push Payment (APP) fraud is exploding, crippling trust in digital banking. In the first half of 2024, UK victims lost £213.7 million to APP fraud, with losses for the entire year likely exceeding that figure. Scammers manipulate individuals into transferring funds, often leaving victims with little recourse. The Payment Systems Regulator (PSR) has mandated reimbursement, placing a shared responsibility on sending and receiving Payment Service Providers (PSPs). While the Reimbursement Claims Management System (RCMS), as designed by Pay.UK, provides a foundation, it does not provide the necessary integration and customization capabilities.

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