The Link

Australia is bringing in a new wave of regulation that puts scams squarely on the industry’s shoulders. The message is clear: it’s time to shift from “buyer beware” to “bank prepared.” Banks—big or small—are expected to step up.

Authorised payment fraud (APF) is surging in Australia, with losses reaching $2.7 billion in 2023. Unlike traditional fraud, these scams trick people into sending money themselves—often through impersonation or emotional manipulation.

What more than 1,000 scam cases — and conversations with banks on three continents — taught us about interrupting fraud at just the right moment.

Social engineering fraud is everywhere. Fraudsters don’t hack systems — they hack people. And when a victim authorizes a payment under false pretenses, it’s often treated as their mistake. But regulators are no longer buying that argument.

Fraud has changed. It’s no longer a game of brute force attacks or cracking complex code. Today’s fraud is psychological. It doesn’t require breaking into systems — it requires breaking into people.

From a technology standpoint, passkeys are ready. But for U.S. banks, the challenge isn’t the cryptography. It’s everything else: compliance, integration, user education, cross-platform syncing, and system design.

ACH fraud is growing fast. NACHA is responding with major updates. They mark a shift toward real-time risk management, smarter fraud tools, and shared responsibility across the network.

The next evolution of the EU’s Payment Services Directive—PSD3—isn’t just about stronger authentication. It’s about smarter fraud prevention.

Linky is the bridge between friction and flow, security and experience, banks and their users. You’ll see Linky around Enlace — guiding, protecting, and making fraud prevention feel just a bit more human.