Financial institutions are struggling to stay ahead of evolving scams on multiple payment rails, from wire to ACH, instant payments and check, with criminals leaning on sophisticated authorized push payment (APP) scams to defraud businesses and consumers. With a perfect scenario of high-value transactions combined with a narrow window of opportunity for institutions to intervene, payments fraud scams will only become more prevalent as technology advances.
Financial institutions often rely on siloed anti-financial crime approaches, which has allowed criminals to thrive. As criminals continue to exploit payments and target victims through complex schemes leveraging social engineering and other methods, it is critical that financial institutions work together to stay ahead of evolving payments fraud trends.
