Faster Payments, Faster Fraud: Solutions to Stop the Madness
Report Summary
Faster Payments, Faster Fraud: Solutions to Stop the Madness
Seventy-seven percent of FIs plan to make major changes to enhance their real-time payment fraud controls over the next one to two years.
May 9, 2023 – Faster payments are a new global reality, providing convenience and immediate access to funds to consumers and businesses alike. Unfortunately, fraudsters have also developed a fondness for faster payments. They are capitalizing on gaps in control frameworks and the ultimate weakest link—the customer.
This report discusses trends associated with fraud on faster payment rails. Sponsored by Outseer, the report is based on a survey of 21 fraud executives at large FIs in February and March 2023 in Brazil, Canada, India, the U.K., and the U.S.
Clients of Aite-Novarica Group’s Fraud & AML service can download this report.