FICO

DECEMBER 5, 2017

As payments made using real-time payment schemes are irrevocable, the victims cannot reverse a payment once they realise they have been conned. Confidence tricks such as romance scams, or the infamous ‘Hey Mum’ scam, where people are tricked into sending money to criminals they believe they have a personal relationship with.

Romance Scams 52

Romance Scams Real Time Payments Scams Payments 52

FICO

APRIL 29, 2022

All these evolutions mean a changing landscape for retail fraud and scam trends. The New York Times recently ran a home page story on how criminals have concocted elaborate scams – complete with authentic ‘hold’ music – to impersonate bank customer service reps, tricking consumers into sending them money via Zelle.

Retail Payments 52

Retail Payments Zelle Consumer Romance Scams 52

FICO

DECEMBER 20, 2022

For every story about real-time payments making it easier for people to send money to others in desperate need, there seems to be a parallel story about scams. Scammers can hide in plain sight and use social engineering and direct outreach to consumers to coerce individuals to make instant, irrevocable payments.

Digital Payments 52

Digital Payments Scams BNPL ACH 52

FICO

DECEMBER 23, 2019

Unlike the movie’s lucky lottery-winning Nicolas Cage, “it could happen to you” means that you, a family member, or someone you know will be a victim of a scam or other major fraud this coming year. The Scams You Don’t Hear About. That’s a pretty gloomy outlook, I know, even for someone who goes by FraudBird.

Online and Mobile Banking 52

Online and Mobile Banking Credential Scams Irrevocability 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. Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

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. Travelers don’t have to use their personal cards for business expenses, and companies know exactly how their money is being spent.”. Faster Payments/Faster Fraud in the UK?

APACS 60

APACS Law Enforcement Irrevocability Credit Cards 60

Seon

APRIL 18, 2024

Advancements have not increased the complexity of fraud tactics but have significantly amplified their scale, making it easier for less sophisticated fraudsters to execute more significant scams with broader reach. Often, the fraudsters enter through impersonation, a romance scam or another type of social engineering fraud scam.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52

FICO

NOVEMBER 19, 2019

Until recently the liability for losses from these scams was generally set by the victim’s bank; with no uniform rules, the bank could decide to reimburse the customer or not. Banks have given customers the ability to make real-time, irrevocable payments but have not given them protection if something goes wrong.

Irrevocable Payment 40

Irrevocable Payment Irrevocability Faster Payments Payee 40

PYMNTS

JANUARY 3, 2020

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.

Instant Payments 60

Instant Payments Payments Ubiquitous Push-to-Card 60

PYMNTS

JANUARY 30, 2020

What’s more, these transactions are irrevocable, and as fraud losses mount, new questions surface over who holds liability to recoup funds. “Communication doesn’t only mean sending an email or letter to warn of the possibility of such scams,” said McConaghy.

Faster Payments 43

Faster Payments APACS Real Time Payments Financial Crimes 43

The Fintech Times

JULY 24, 2024

Given the real time and the ‘irrevocable’ nature of immediate payments, additional investments must be made in a bank’s ability to respond to the immediacy of the schemes and to continue to safeguard their clients from fraud and scams.”

FedNow 59

FedNow Instant Payments RTP Federal Reserve 59

PYMNTS

AUGUST 5, 2019

Should the customer know it’s a scam? The Ingo app lets consumers take a picture of a check and get instant, irrevocable access to those funds instead of standing in line at their bank or check casher. Unlike checks, instant payments is, well, instant – and irrevocable. That’s a tough question.

Checks 65

Checks Instant Payments Online and Mobile Banking Irrevocability 65