Irrevocability and MFA - Payments Space

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Irrevocability

MFA

Fraud Fighters Focusing On Better P2P Security

PYMNTS

OCTOBER 21, 2020

This immediacy means that, once initiated, the payments are virtually irrevocable. One of the most effective tools that apps can deploy against [P2P fraud] is MFA, which requires users to enter secondary validation measures — such as emailed security codes or biometric fingerprint scans — in addition to their passwords,” per the Playbook. “One

P2P

P2P Security MFA Financial Crimes

Fighting Scams and Authorized Push Payment Fraud in the US

FICO

NOVEMBER 7, 2022

Scammers have identified that the immediate and irrevocable nature of payments through the P2P apps means that if a consumer can be tricked in payment, they can’t claw it back. Enable multifactor authentication (MFA), avoiding text or email for one-time passcode sharing whenever possible.

Scams

Scams Authorization P2P Consumer Financial Protection Bureau (CFPB)

Fraud Fighters Focusing On Better P2P Security

Fighting Scams and Authorized Push Payment Fraud in the US

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