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While e-wallets and person-to-person schemes offer people quick and easy ways to pay, they have been underpinned by pre-existing payment systems, either card schemes or ACH transfers. For example, ACH payments in the USA are cleared three times per day and card payments can take weeks for settlement to the merchant.
In the UK £250K can now be sent in a single, irrevocable payment – and the system has been tested for up to an eyewatering £10 million. We’ve already seen the impact of authorized push payment fraud on them, even when payments are not cleared on the same day. Real-Time Payments Equal Real-Time Crime. Who Is Liable?
Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, accounttakeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living. The Whole New World of Check Fraud.
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