Market Trends in Mitigating Fraud Risk Related to Real-Time Payments

As the market at large embraces the value of real-time payments, so will fraudsters.

Boston, July 9, 2020 – The expectation is evolving for quick, frictionless payments across myriad use cases, including rebates, refunds, invoicing, and bill pay. But as with any exchange of funds between two parties, the security of real-time payments is critical. Financial institutions that are not prepared for the fraud potential of faster payments will be victimized, but new and emerging entrants into the real-time landscape do not have to fall victim to widespread real-time fraud.

This report provides valuable insights on real-time fraud and investigates the implementations, volume, and fraud related to RTP, both actual and anticipated, and it highlights how banks will protect against fraud in the world of real-time payments. It is based on a 2020 survey of 20 of the top 75 U.S. banks, a 2019 survey of fraud executives from 18 of the top 40 U.S. banks, and interviews with four large U.K. banks.

This 45-page Impact Report contains 27 figures and seven tables. Clients of Aite Group’s Wholesale Banking & Payments or Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ACI Worldwide, Acuant, Arkose Labs, BAE Systems, BehavioSec, Bleckwen, Biocatch, bugaroo, The Clearing House, Daon, Datavisor, Early Warning Services, Entersekt, Entrust Datacard, Experian, Feedzai, FICO, GB Group, IBM, ID R&D, IDMERIT, InAuth, Incognia, iovation, IPQualityScore, INFORM GmbH, Ingo Money, Kofax, LexisNexis Risk Solutions, Mastercard, NetGuardians, Nice Actimize, Nuestar, Neuro-ID, Next Caller, NuData Security (Mastercard), OneSpan, Optimal IdM, Oracle, Payfone, Payoneer, PayPal, Pelican, RSA Security, Samsung SDS, SecuredTouch, Stripe, SWIFT, TransUnion, TransCard, TypingDNA, Venmo, Visa, and Zelle.

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