FICO

JULY 31, 2018

Real-time payments are irrevocable once cleared, and the average loss per case is increasing from hundreds to thousands of euros. The rise of Internet and mobile banking has brought with it access to instant payments and decisions, creating a world of opportunity for criminals.

Irrevocability 45

Irrevocability Fraud Detection Payments Real Time Payments 45

PYMNTS

APRIL 10, 2020

First and foremost is the fact that banks have higher hurdles in authenticating and verifying consumers. As Samy told Webster, there are obstacles in crafting a smooth digital experience that replicates the physical interactions with banks.

Online and Mobile Banking 67

Online and Mobile Banking Irrevocable Payment Irrevocability Transactions 67

FICO

OCTOBER 20, 2020

FICO has just published my new Q&A on the topic of APP scams , and how a combination of converged fraud and compliance infrastructure, along with advanced authentication measures, are powerful scam-fighting solutions. Here’s a preview: Q: Why is the UK a hotbed of APP scam activity?

Scams 40

Scams Irrevocable Payment Push-to-Card Irrevocability 40

FICO

NOVEMBER 19, 2019

Banks have given customers the ability to make real-time, irrevocable payments but have not given them protection if something goes wrong. This needs to be viewed in the context of the move to a regime of mandatory PSD2 strong customer authentication.

Irrevocable Payment 40

Irrevocable Payment Irrevocability Faster Payments Payee 40

FICO

DECEMBER 5, 2017

As payments made using real-time payment schemes are irrevocable, the victims cannot reverse a payment once they realise they have been conned. Because the victim is sending the money themselves, the steps that banks take to authenticate customers are ineffective, as the customer will of course pass any identity check.

Romance Scams 52

Romance Scams Real Time Payments Scams Payments 52

FICO

DECEMBER 23, 2019

As payments made using real-time payment schemes are irrevocable, the victims cannot reverse a payment once they realize they have been conned. which describes how fraudsters deceive consumers or individuals at a business to send payment under false pretenses, to a bank account controlled by the fraudster.

Online and Mobile Banking 52

Online and Mobile Banking Credential Scams Irrevocability 52

FICO

APRIL 29, 2022

The New York Times recently ran a home page story on how criminals have concocted elaborate scams – complete with authentic ‘hold’ music – to impersonate bank customer service reps, tricking consumers into sending them money via Zelle. From transaction monitoring to data orchestration to authentication and more, FICO can help.

Retail Payments 52

Retail Payments Zelle Romance Scams Consumer 52

PYMNTS

JANUARY 21, 2019

A payment is the embodiment of good funds to an authenticated buyer and supplier, along with the detailed data that travels with it. Truly instant payments require a system that can do that without any margin of error, because instant also means irrevocable.

Faster Payments 77

Faster Payments Same Day ACH Fed Real Time Payments 77

PYMNTS

JANUARY 30, 2020

By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes. What’s more, these transactions are irrevocable, and as fraud losses mount, new questions surface over who holds liability to recoup funds.

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43

FICO

DECEMBER 20, 2022

Scammers can hide in plain sight and use social engineering and direct outreach to consumers to coerce individuals to make instant, irrevocable payments. Simple and effective behavioral, authentication-based, and live checks in payment processes can even help customers stop themselves from being conned.

Digital Payments 52

Digital Payments Scams BNPL ACH 52

PYMNTS

OCTOBER 30, 2019

The payment is irrevocable, and can’t be clawed back. However, if something goes wrong, and the funds have been sent to a fraudster seeking to interlope, they can also instantly access those funds and be gone. That can seem rather intimidating, she said, but a few facts bear considering.

Instant Payments 41

Instant Payments Payee Payments Risk 41

FICO

NOVEMBER 7, 2022

Scammers have identified that the immediate and irrevocable nature of payments through the P2P apps means that if a consumer can be tricked in payment, they can’t claw it back. Enable multifactor authentication (MFA), avoiding text or email for one-time passcode sharing whenever possible.

Scams 52

Scams Authorization P2P Consumer Financial Protection Bureau (CFPB) 52

The Payments Association

MAY 14, 2025

Without equivalent protections, theres a real risk that a completed transaction could be unwound if a counterparty fails, she warneda risk amplified when payments are irrevocable and instantaneous. This isnt only about speedwe need authenticated data, automated compliance, and shared responsibility for risk, he said.

Cross-Border Payments 88

Cross-Border Payments Correspondent Bank Cross-Border Correspondent 88