by Eric Foust

 

The COVID-19 pandemic spurred large corporations and small businesses alike to double-down on their plans for adopting real-time payments. It also created a prime opportunity for financial criminals. Indeed, faster payments mean...

Last month we heard top things to consider when financial institutions (FIs) are implementing a new P2P payments platform. This month Wade Hobbs, Business Development Manager for Levvel’s Payments practice, went deeper on another important topic - fraud management.
New payment types are evolving—business-to-business payments as well as person-to-business payments, business-to-person (B2P) payments, and person-to-person (P2P) payments are becoming mainstream.
Having the tools to validate account ownership and status in real-time, and before the debit is processed, should be a main priority for any organization wanting to protect themselves and their customers.
The best inline decisioning solutions will utilize transactional data, historical/behavioral data, and external data from sources like the mobile network providers.
The real-time revolution is here. The government is encouraging the industry to quickly enable faster payments.

"Knowing for certain who you're dealing with on the other side of a computer, tablet or mobile device is essential to combating all types of fraud."

Any organization that offers consumers the ability to pay their bills with their bank account via the web or mobile device must add an additional layer of security before March 19, 2021.
Meeting consumer, business and government payment needs
Fueled by cross bank data, solution addresses persisting check fraud challenge
According to a September 2015 bulletin from the U.S. Secret Service and the PCI Security Standards Council, there is a steady increase in fraudsters exploiting vulnerabilities in the account provisioning and verification process for mobile wallets.
Real-time payments demand real-time fraud mitigation. Watch this webinar to learn about the latest tools, best practices and recommendations to keep up.
By 2020, application fraud losses related to demand deposit accounts are projected to exceed US$636 million, a costly problem indeed.