Remove Multifactor Authentication Remove Payee Remove Transaction Limits
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Fighting Scams and Authorized Push Payment Fraud in the US

FICO

For the P2P app Zelle specifically, banks recently stated that the vast majority of transactions “had no associated reports of fraud or scams” and that other P2P apps have 3-6x more disputed transactions in comparison. Enable multifactor authentication (MFA), avoiding text or email for one-time passcode sharing whenever possible.

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Key insights in navigating fraud in open banking

The Payments Association

The introduction of strong customer authentication (SCA) was intended to enhance safety by requiring multifactor authentication for transactions. “Some neobanks already let users define personal limits, adding an extra layer of personalised protection,” he noted.