Best Practices to Thwart Fraud in Real-Time Payments

The fear of fraud should not stop any financial institution from offering real-time payments.

Boston, October 29, 2019 – U.S. consumers have made clear their desire to send and receive payments in real time. Many of the largest FIs have already implemented Zelle, although many midsize and smaller FIs are hesitant due to concerns about fraud and other factors. U.S. businesses are always interested in new payment options that are more reliable and less costly. But should FI executives ensure they can manage the inherently higher risk before they implement?

This report aims to assist FIs in understanding the best practices in preventing fraud associated with real-time payments and minimizing fraud losses. It is based on 2019 interviews with fraud executives at FIs in the U.S. that have implemented faster payments or are planning to, interviews with executives at Early Warning and The Clearing House responsible for fraud mitigation, and ongoing discussions about faster payment risks with industry executives and fraud and authentication solution providers.

This 28-page Impact Report contains three figures and 10 tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ACI Worldwide, Authentify, BAE Systems, BioCatch, Boku, Bottomline Technologies, Brighterion, CO-OP Financial Services, DataVisor, Early Warning Services, Ekata, Emailage, Entersekt, Equifax, Experian, FeatureSpace, Feedzai, FICO, FIS, Fiserv, IBM, IDology, InAuth, Innovis, iovation, Jack Henry, LexisNexis Risk Solutions, National Cyber-Forensics and Training Alliance, Neustar, Nice Actimize, OneSpan, Payfone, Pindrop Security, RSA Security, Simility, Spokeo, TeleSign, The Clearing House, ThetaRay, SAS, ThreatMetrix, Transmit Security, TransUnion, and Zumigo.

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