PYMNTS

JUNE 3, 2020

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.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

FICO

APRIL 29, 2022

All these evolutions mean a changing landscape for retail fraud and scam trends. 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.

Retail Payments 52

Retail Payments Zelle Romance Scams Consumer 52

FICO

DECEMBER 20, 2022

For every story about real-time payments making it easier for people to send money to others in desperate need, there seems to be a parallel story about scams. Scammers can hide in plain sight and use social engineering and direct outreach to consumers to coerce individuals to make instant, irrevocable payments.

Digital Payments 52

Digital Payments Scams BNPL ACH 52

PYMNTS

JANUARY 30, 2020

What’s more, these transactions are irrevocable, and as fraud losses mount, new questions surface over who holds liability to recoup funds. “Communication doesn’t only mean sending an email or letter to warn of the possibility of such scams,” said McConaghy.

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43