Tuesday, August 13, 2024 | 10:00 AM EDT

Trends in Faster Payments Fraud: Slowing Down to Speed Up

Speakers:

Guest Speakers:

Sponsored by

Account Takeover (ATO) and Authorized Push Payment (APP) fraud attacks are more common on real-time payment systems than on non-real-time payment systems. Fraud growth rates are more dramatic in markets where adoption of consumer-oriented faster payments systems is deliberately driven by central bank policies than in markets where adoption is driven by organic market forces. Additionally, while a variety of market forces make each market’s approach to mobilizing faster payment fraud countermeasures unique, chief among the similarities in the patterns of mobilization to address the surge in fraud is, ironically, a tendency in many markets toward slowing some aspects of faster payments down.
Key insights include:
  • Fraudsters prefer faster payment rails.
  • Proximity to a liability shift is a potent force shaping the market for fraud controls.
  • Mobilization efforts have not yet reached a tipping point in most markets..
  • Momentum to modernize, consolidate, and orchestrate payment fraud controls continues to accumulate.
  • Consensus is building behind segments of APP controls.
  • Mule activity and inbound payment monitoring are rising priorities.
  • Customer interaction and engagement are crucial in the fight against fraud.