article thumbnail

Clearing Up Instant Payments No ‘Stop Payment’ Confusion

PYMNTS

And while instant payments done right offer lots of safety advantages over traditional paper-based counterparts (and bring lots of new authentication power to the table), they’re also irrevocable when done right. Edwards said that creates an opportunity for fraudsters of which users must be aware. . Sender Beware. .

article thumbnail

Retail Payments Fraud: How Consumers and Banks Can Fight Back

FICO

Will Zelle Join Apple Pay, GooglePay and Credit Cards at Point of Sale? For the options available at point of sale (POS), along with credit cards and a host of “-Pay” apps, consumers may soon have another choice on the check-out screen at US retailers: Zelle. Zelle is one of the country’s most widely used money transfer services.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

The State Of Faster Payments: ‘Early Innings’

PYMNTS

He pointed to Zelle , the U.S.-based The flip side, as Webster added, is that when payments are done instantly and on demand, they are irrevocable. We’re not at the end; we’re [toward] the beginning. But we’re well on our way, and we’ve [already got] some early successes that I think are very encouraging.”.

article thumbnail

Fighting Scams and Authorized Push Payment Fraud in the US

FICO

Senator Elizabeth Warren, (D-MA) pointedly asked him about the number of fraudulent transactions Chase was seeing on the P2P payment platform Zelle. On one side, there are regulators concerned about the perceived growth of scam losses through popular P2P payments apps like Zelle, Venmo and CashApp.

Scams 52
article thumbnail

Why FedNow Will Slow Real-Time Payments

PYMNTS

For the dwindling numbers of people who still receive a physical paycheck, new applications let workers take a picture of that check and get instant, irrevocable access to the funds for a modest fee. Consumers can use push to debit or P2P via their Zelle accounts to move money instantly between them.

article thumbnail

Happy First Birthday FedNow: But is This a Cause For Celebration?

The Fintech Times

RTP, on the other hand, is interoperable which allows third-party apps like Zelle to access and build products on. Both offer similar services, but FedNow participants can transfer funds from their Federal Reserve master account, which means they have an extra pool of resources for liquidity management.

FedNow 59
article thumbnail

What Check Fraud Can Teach Banks About Preparing For The Instant Payments Future

PYMNTS

As part of a research study, they are asked to take a $500 (obviously bad) check, take a picture of it with their phone to deposit to their bank account and then use Zelle to immediately transfer $250 back to them. Unlike checks, instant payments is, well, instant – and irrevocable. There is no option to extend availability.

Checks 65