Faster Payments are becoming more and more prevalent in the U.S. with Zelle, TCH RTP, Same Day ACH and the most recently announced, FedNow. While all these payments revolutions are exciting, there is a common fear from Financial Service Organizations (FSOs) of all the “what ifs.” “What if we are unable to mitigate fraud attacks fast enough?” “What if our customers have a bad experience?” “What if our reputation is damaged?”
But what if you could anticipate the growing pains of moving your institution to faster payments?
Faster payments have been around in the UK for over a decade and there are some long term and immediate impacts we can learn from.
In this whitepaper, we’ll review:
- Faster payments scheme evolvement
- Fraud to expect on faster payments and specific attack vectors
- The impact on customer experience
- Tools and strategies to implement, both for the current threats and those of the near future
“Fools say that they learn by experience. I prefer to profit by others’ experience.” - Otto Von Bismark