Faster Payments Council

SEPTEMBER 17, 2019

We were able to point out that our Regulatory, Directories, and Fraud Work Groups will be tackling these and other relevant topics in their upcoming work efforts. The Town Hall made it clear that nationwide reach is a key objective for the Fed, with Kirstin dubbing it a measure of success for FedNow.

FPC 68

FPC FedNow Fed Request for Comment 68

FICO

JUNE 26, 2018

The real-time payments fraud experiences of countries such as the UK provide a lesson to new adopters of what can happen to fraud rates when money can be transmitted fast. Increased awareness of the fraud implications is coupled with higher values that can be transferred using these mechanisms. Who Is Liable?

Real Time Payments 63

Real Time Payments Instant Payments Irrevocable Payment Payments 63

Fintech Finance

JUNE 10, 2024

The financial sector is facing an increasing need for robust security measures as fraud threats become more sophisticated, especially in an instant payments environment. Instant payments – which are irrevocable – demand enhanced verification processes to protect against fraud.

Payee 52

Payee Instant Payments Verification Payer 52

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.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52

PYMNTS

NOVEMBER 22, 2019

Cybercriminals will inevitably develop ways to counter gift card fraud prevention techniques as they mature and continue to defraud gift card issuers and customers. QSRs must, therefore, be proactive in their prevention methods, or the presence of fraud could irrevocably taint the lucrative gift card market.

Credit Cards 52

Credit Cards Irrevocability Void Crime 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. Here are some steps consumers and fraud professionals can take to bolster their fraud prevention efforts.

Retail Payments 52

Retail Payments Zelle Consumer Romance Scams 52

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. Tharle said real-time payments have increasingly seen adoption across the globe, as seen in volumes reported in Europe, Australia and the U.S.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71