US Faster Payments Council publishes white paper focused on fraud prevention

Friday 31 July 2020 12:00 CET | News

The US Faster Payments Council (FPC) has released its latest white paper, Examining Faster Payments Fraud Prevention. 

According to the press release, the white paper is available in the FPC’s Faster Payments Knowledge Center and takes a fresh look at the current fraud themes and trends, while approaching for mitigating these risks.

The paper outlines the fraud schemes dealt with in the payments system for some time now – identify theft, account takeover, synthetic identity, and social engineering, as well as new ones that have emerged. For instance, the paper points to a new type of fraud, an Authorised Push Payment scam, as a targeted tactic that exploits the speed with which money moves in a faster payments environment.

Moreover, the paper identifies those initiatives that will help foster improved user experiences, bolster confidence and trust in faster payments, and facilitate reaction times to address threats to the ecosystem – ultimately supporting the further advancement of faster payments.

Overall, the FPC prioritises industry collaboration in tackling complex topics such as interoperability among faster payments solutions, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to cross-border payments, and more.

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Keywords: US faster payments council, FPC, white paper, Examining Faster Payments Fraud Prevention, fraud schemes, identify theft, account takeover, synthetic identity, social engineering, Authorised Push Payment, faster payments environment, user experiences, cross-border payments
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events