Real-Time Payments, Real-Time Fraud Prevention
Faster payments mean faster fraud, a growing concern as FedNow® and The Clearing House's RTP network expand real-time payment options. While transactions settle instantly, banks must strengthen security to protect customers.
The Rising Fraud Threat
Fraud is increasing. The Ingo Payments/PYMNTS report shows FIs experiencing fraud-related losses grew from 29% to 40% in 2024. Scams range from social engineering to deep fakes and botnets.
Risks for Financial Institutions
Beyond financial losses, fraud erodes trust. Data shows 75% of clients would switch providers over inadequate fraud protection. In 2024, 76% of U.S. consumers received suspected scam communications, and 51% knew someone who was scammed.
With 70-80% of U.S. FIs expected to receive real-time payments within three years, fraud defenses must evolve.
Advanced Fraud Prevention
Security is a top concern for 55% of consumers, and 70% are willing to spend more time on identity verification. AI-driven fraud detection is key: 75% of global FIs now use AI to identify anomalies and prevent fraud before it occurs.
This approach enhances security while maintaining customer trust, ensuring a safer financial ecosystem.
A recommended payments partner of the BC Chamber of Commerce
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