Managing the risk of real-time fraud in real-time payments

Leveraging new technology focusing on data and machine learning can help reduce fraud and friction.

by Dharm Patel, CU Management

Consumers and businesses increasingly expect payments to move quickly and securely, anywhere in the world. As the speed of payments increases and settlement happens in real time, fraud and risk management practices must be adapted to protect credit unions and members.

Consider these statistics:

  • Faster and real-time payments could double in transaction volume by 2023, according to the 2021 Mercator U.S. Faster Payments Forecast.
  • Seventy-four percent of organizations were targets of an attempted or actual payments fraud attack in 2020, according to the 2021 AFP Payments Fraud and Control Survey Report.

 

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