Unfortunately, P2Ps scams are common, with 12% of U.S. bank customers impacted by P2P scams and 11% with family members impacted. Imposter scams are the most common type of P2P fraud scams. In the U.S., 1 in 5 people are affected by imposter scams, with a median loss of $1,000. Overall, imposter scams result in $2.7 billion in lost money annually, which includes P2P payment schemes, as well as payments driving through ACH, wire transfers, gift cards, and even ATMs Authorized push payment (APP) fraud is a common type of imposter fraud. In APP fraud, victims are manipulated into authorizing real- time payments to fraudsters through social engineering attacks, such as impersonation. With the speed and ease-of-use of these peer-to-peer networks, fraudsters increasingly use P2P channels for APP scams. Fraudsters involved in P2P imposter fraud use a synthetic identity to create a money mule account at the receiving financial institution. For this reason, the shift in liability we’re seeing in the U.S. will focus receiving banks more on preventing fraudulent identities from entering through the front door. In addition to advancements in self-regulation from banks and fintechs, identity fraud detection and prevention software can help put an end to P2P fraud. To date, Zelle is the first P2P provider to lead an effort to self-regulate and map out rules for the receiving bank to be responsible for certain types of P2P scams.