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It Takes A Hub: Fighting eCommerce Fraudsters Across New Vectors

PYMNTS

Real-time payments, he said, “increase the attack surface” for fraudsters and are attractive for two reasons: speed and the fact that the payments are irrevocable. Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle.

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Retail Payments Fraud: How Consumers and Banks Can Fight Back

FICO

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. ACH volumes in the United States increased 8.7% in 2021, with P2P transactions up nearly 25%, to 271.2

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Unwrapping APAC’s Faster Payments Fraud Threat

PYMNTS

What’s more, these transactions are irrevocable, and as fraud losses mount, new questions surface over who holds liability to recoup funds. 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.

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5 Ways Digital Payments Will Change FIs and Fraud in 2023

FICO

Scammers can hide in plain sight and use social engineering and direct outreach to consumers to coerce individuals to make instant, irrevocable payments. What scammers see here is a big patchwork of payment options that offer a way to take money directly from consumers, and that change popularity with the social media tides.