FICO

FEBRUARY 19, 2020

Once a real-time payment is initiated it is typically irrevocable – it cannot simply be recalled, something that criminals take advantage of. The ability to move money through multiple accounts quickly, makes it difficult for law enforcement to track criminal proceeds. Money Laundering and the Rise of the Money Mule.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

FICO

MARCH 26, 2018

The new real-time payment schemes, whether used directly or as the rails for e-wallets and person-to-person payments, are cleared instantly and are irrevocable. For example, ACH payments in the USA are cleared three times per day and card payments can take weeks for settlement to the merchant.

Real Time Payments 88

Real Time Payments Irrevocability Push-to-Card Payments 88

PYMNTS

NOVEMBER 9, 2018

As the United Kingdom moves to embrace faster payments, notes securityboulevard.com, transactions are irrevocable and so new fraud schemes may be on the rise. A bit closer to home, in Ohio, federal investigators and law enforcement officials in Austintown are trying to nab a fraudster who allegedly pilfered $50,000 from a local business.

APACS 60

APACS Law Enforcement Irrevocability Credit Cards 60

FICO

JUNE 15, 2023

They use sketchy providers who don’t normally work with law enforcement and then phish, smish, email, and robocall the heck out of people. If there is a common denominator across all the scams, it’s the instant and irrevocable nature of real-time payments. Many folks wonder: who would fall for these ploys?

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52