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For all the buzz about the advent of real-time payments, and the various opportunities it can reportedly unlock, the lingering uneasiness is that speed also brings the potential for more fraud.
That fear, according to David Barnhardt, EVP of product at fraud prevention firm GIACT, is not unwarranted or unreasonable. In fact, he said, it’s very much Payments 101 — where there is increased speed and less of an opportunity to respond to that fraud, banks could be more vulnerable.
That is the bad news, he noted. The good news is that all the recent buzz about real-time and instant payments has brought with it the realization that banks need to understand and address fraud in these new, faster channels.
“A lot of firms, until recently, really had
Read full article » https://www.pymnts.com/news/security-and-risk/2018/giact-real-time-payments-faster-authentication-fraud/
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