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Waterhouse said the big evolution for the year ahead will involve taking what are now typically debit transactions like check or automated clearing house (ACH) debit and migrating those to the RTP network combining a Request for Payment (RfP) with a consumerauthenticated RTP payment.
Ensuring compliance in real time Just as they do with ACH payments, banks need to ensure they are complying with regulatory requirements, including KYC, AML, and other regulations. Also, firms can implement advanced consumerauthentication methods and mandate ongoing fraud prevention training for staff to further mitigate risks.
By convincing individuals to send money through apps like Venmo, CashApp, Zelle and others, or adding a payee for traditional ACH transactions, fraudsters are perpetuating what is known in the financial industry as Authorized Push Payment (APP) fraud (in the UK) or authorized user fraud (in the US). Debbie holds a B.A.
Not only are we going to see [fraud] online, we are going to see it in traditional check-based systems, ACH-based systems, and again coupled with data breaches that we know have happened through insurance companies, payroll companies, etc.,” Mobile can serve as a very unique identifier when it comes to consumerauthentication.
A debate ensued about two-factor authentication and the value of such security measures, with it boiling down to one question: how to balance consumerauthentication without a frictionless commerce experience. Securing identity should be at top of mind — all, of course, while keeping consumer privacy in mind.
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