There are any number of forums where the topic of payments fraud is discussed, and that naturally drifts towards the more specific subject of ‘faster payments, faster fraud.’
As real-time payments systems multiply across the globe, greater attention is being given to loopholes that fraudsters will inevitably seek to exploit. This piece appears in PaymentsSource and follows that theme:
‘The phrase “real-time payment” generally means an execution of a few seconds, which is a small window for banks and payment networks to catch suspicious behavior. The threat of real-time payments crime is new enough that the Federal Reserve is still working on defining and classifying real-time payments security…..“It’s a bit of a debate as to when the clock starts ticking. And it’s a bit different from consumers to corporations, since the dollar values are higher in the corporate space, and there are more approvals or authentications,” said Elena Whisler, head of enterprise product management for FIS.’