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Survey: Real-time Payments Fraud Up for 4 out of 5 APAC Banks

FICO

Banks were asked which identity and authentication strategies they used, with the majority saying they used multifactor authentication (84 percent). When they are successful, criminals are making use of real-time payments to move funds quickly through a maze of global accounts.

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Key insights in navigating fraud in open banking

The Payments Association

“Unauthorised fraud often stems from device theft,” Davey explained, noting that once criminals gain access to interconnected apps, they exploit the ecosystem to drain accounts. Fraudsters often exploit advanced social engineering tactics to deceive consumers into granting access to their accounts. .”