FedNow Fraud Detection Irrevocability 
Seon
JULY 27, 2023
FedNow, the instant payment service that launched in the US on July 20, 2023, could bring significant new developments to your organization. What Is FedNow? Launched on July 20, 2023, the FedNow Service is an instant payment system created by the Federal Reserve for American households and businesses. What Is FedNow Replacing?
FICO
FEBRUARY 19, 2020
The Clearing House Association’s RTP as well as The Automated Clearing House offer same day clearing and the Federal Reserve is looking to launch instant payments with their FedNow scheme in 2023. Once a real-time payment is initiated it is typically irrevocable – it cannot simply be recalled, something that criminals take advantage of.
Seon
APRIL 18, 2024
And since fraud victims unwittingly initiate the transactions themselves, traditional fraud prevention measures aren’t designed to intercept self-authorized transactions, rendering a significant gap in current defenses. This obscurity can impede the ability to fine-tune or understand the basis of certain fraud alerts.
Expert insights. Personalized for you.
Let's personalize your content