FICO

FEBRUARY 19, 2020

For many consumers and businesses, the ability to quickly send money directly from their bank account is a win in terms of convenience, but it isn’t without risk, when it comes to fraud and other types of financial crime. The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

FICO

JANUARY 15, 2018

In a previous blog I wrote about authorized push payment fraud and how social engineering leads to victims making inadvertent payments to fraudsters. This is particularly important when an irrevocable, real-time payments scheme such as UK Faster Payments or SEPA CT Inst is used.

Irrevocability 66

Irrevocability Payments Account Takeovers Real Time Payments 66

FICO

JUNE 15, 2023

Home Blog Feed test To Stop Scams, It’s Time to Add Sensible Friction to Easy Money The convenience and speed of real-time payments makes it easy for fraudsters to scam individuals. If there is a common denominator across all the scams, it’s the instant and irrevocable nature of real-time payments. Is Sending Money Too Simple?

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52

FICO

APRIL 29, 2022

Increasingly, the scams involve cryptocurrencies; The New York Times also recently investigating crypto romance scams in which victims are lured into paying criminals with fraudulent, and irrevocable, transfers into digital wallets. I blogged about this tragic phenomenon in 2018 and my advice rings as true as ever.

Retail Payments 52

Retail Payments Zelle Romance Scams Consumer 52