Faster payments rails are poised to grow exponentially over the next 5 years — providing new opportunities for financial institutions and their customers. However, as more customers adopt these payments methods, fraudsters will also adopt new and old methods to exploit these channels. Ensuring your fraud program is properly prepared is critical for scaling alongside the growth of these new rails.
This slide deck, from a special session with Verafin and Alacriti, discusses how to combine faster payments with existing financial institution fraud systems and what tools are needed to incorporate faster payments and fraud prevention.
- Insights into the current state of the faster payments market.
- Trends in payments fraud, with valuable insights into APP fraud — Business Email Compromise (BEC), and elder scams, etc.
- Fraud typologies that may arise with the growth of faster payments.
- How financial institutions, and their fraud management programs, can prepare for the implementation of faster payments.