Consumers are embracing faster payment channels of all kinds, from mobile to remote-deposit capture to same-day ACH.
Financial institutions (FIs) are moving more money in real time.
And fraudsters are uncovering new opportunities for theft. The challenge for many FIs is that the expansion of real-time payments is exposing weaknesses in their fraud prevention systems. Because those same elements that delight consumers (e.g. speed, convenience and ‘round-the-clock availability) can also increase the risk for fraud.
With fraud losses reaching $16.9 billion in 20191—and the COVID-19 pandemic propelling the shift to digital banking into overdrive—it’s important for FIs to shore up their existing fraud mitigation systems now.
This eBook, Payment and Deposit Fraud Trends: Addressing Real-Time Banking Challenges, examines the latest payment fraud trends—and what FIs can do to mitigate risk in a sustainable way. It also explains:
- How check fraud has evolved and why it’s still a concern
- How the pandemic has intensified payment fraud challenges
- How FIs can satisfy the Nacha WEB Debit Rule and reduce ACH fraud