Card Not Present Fraud

Faster Payment, Faster Fraud

Faster Payment, Faster Fraud

Following NACHA's new rule for same-day ACH transactions, businesses and consumers are now able to benefit from same-day transaction processing, providing quicker access to payroll, account transactions and more. While beneficial for businesses and consumers, same-day ACH has necessitated that financial institutions review thousands of additional transactions per day, leading to a significant increase in staff and operational costs along with an increased potential for fraudulent activity because of the sheer volume and rapidness of review. This session analyzes the United Kingdom's transition to faster payments, which saw banking fraud volumes triple, and discusses what U.S. banks can learn from the U.K.'s example. It also reviews the types of fraud that have emerged from the move to instant transfer of funds as well as what strategies have been successful in stopping cybercriminals.

See Also: OnDemand | Reading the Tea Leaves - 2022 FRAML Outlook

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