Remove Irrevocability Remove Payee Remove Phishing
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When Instant Payments Are Just Payments

PYMNTS

And the devils we know – garden-variety credit and bank fraud , phishing and bot attacks, online identity scams and the rest – may feel more comfortable than the devils we don’t know. You can’t pull them back. That will play out as optionality, and payers are starting to think about what those options will be.

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How Advanced Technology is Driving Authorized Push Payment Fraud

Seon

Favoring speed and the irrevocability of transactions, real-time payments inadvertently aid the operations of APP fraudsters, who rely on the instantaneous nature to launder their profits, cover their tracks and evade the risk of being traced.

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What Is FedNow & How Can Businesses Prepare for It?

Seon

Doing so is ideal as the payer can then not only know that the outgoing payment was transmitted but received by the payee. In fact, the transactions themselves are irrevocable. In fact, phishing attacks may become even more prevalent as FedNow rises in popularity. Let’s take a closer look at these downsides.

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