[Video interview] Real-time and instant payments fraud in Europe: key insights for banks, PSPs, and fraud prevention

Industry expert Neira Jones offers valuable insights into the real-time payments fraud landscape in the EU.

After exploring growth trends, opportunities, and challenges in US real-time payments, we now turn our attention to Europe.

In a lively discussion with Neira, we explored the adoption of real-time and instant payments across various European countries and clarified key deadlines for upcoming instant payments regulations. European PSPs (Payment Service Providers) must be ready to receive instant payments by January 9, 2025, and to enable both consumer and business customers to send instant payments by October 9, 2025. This regulatory change will ensure that all Euro transactions are processed in 10 seconds or less, 24/7.

However, with tight deadlines and significant upheaval in banking technology and infrastructure, the shift to instant payments presents considerable challenges. We also discussed how various stakeholders—including banks, PSPs, and others—are preparing for the new regulation. This includes necessary infrastructure upgrades to support 24/7 operations, improved liquidity management, and the implementation of real-time fraud detection systems. AI and machine learning will become even more crucial in addressing these challenges.

Additionally, we examined the fraud landscape in Europe, which includes APP fraud, impersonation scams, social engineering, romance scams, and investment fraud. We shared advice on how businesses and consumers can prepare for 2025 to mitigate these risks.

Enjoy our discussion and feel free to share your thoughts with us!

About Neira Jones

With over 25 years of experience in financial services and technology, Neira Jones is a renowned expert in payments, fintech, and cybersecurity. As a strategic board advisor and non-executive director, she guides organisations on innovation and regulatory compliance. Neira is an Amazon best-selling author, professional speaker, trainer, and e-learning course creator. Among the latest books written by Neira, we mention: Understanding Payments, Beyond Payments, and The A to Z of Payments.

Her expertise is recognised through numerous accolades, including listings in top influencer rankings for payments, fintech, and cybersecurity. Neira serves on the UK Payment Systems Regulator panel and holds a fellowship with the British Computer Society.