How to combat real-time payments fraud within digital banking solutions

The convenience of electronic payments has become a vital part of our daily lives. However, along with this convenience comes the growing threat of electronic payment fraud, where cybercriminals exploit digital payment systems to steal funds or sensitive information. Real-time payments fraud is just one of the many forms of electronic payments fraud, which takes advantage of instant payment platforms to carry out unauthorized transactions or trick individuals into parting with their money. This type of fraud takes advantage of the immediacy of real-time payments, making it harder to detect and stop fraudulent transactions before they happen.

In this blog, we’ll break down the basics of real-time payments fraud, explaining what it is, how fraudsters exploit these systems within digital banking solutions, and who is most at risk. We’ll also cover effective strategies to mitigate risks and provide practical tips to help individuals and businesses avoid becoming victims of this fast-growing form of fraud.

What is real-time payments fraud?

Real-time payments have revolutionized the way we transfer money, offering speed and convenience like never before. Real-time payments are ubiquitous, and with good reason – 90% of consumers want the flexibility Of real-time transfers between their financial accounts (Visa Direct NA Product Consumer Preference Research). However, anything that has this level of demand, also comes with risk.

 

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