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In a connected, digital world, people expect things to happen quickly, and that includes making payments. Many global economies now offer real-time payment schemes, including:
A payments ecosystem that includes a real-time payment scheme fundamentally changes how payments happen. As well as offering people and businesses quicker ways to pay, it also offers fraudsters new vectors of attack. Criminals can access funds and move proceeds of crime beyond the reach of law enforcement fast, and this can make different types of fraud more attractive to them, including:
In a real-time payments environment fraud exists in a complex but connected ecosystem. Effective management means taking a holistic approach to tackling fraud across the enterprise.
We can help financial institutions detect fraud across all vectors of attack that are impacted by real-time payments. We can help you manage your consumer bank accounts with:
Intelligent two-communications to automate fraud case resolution and protect with your customer.
When is a real-time payment not a real-time payment? This may seem like a simple question, but further investigation shows it’s a term that’s being applied to a wide range of payment types. This includes person-to-person payments such as V...
Many countries and regions are implementing mass-market, real-time payments, including the EU, Australia and the United States. This ability to move large sums of money between bank accounts hampers the fight against financial crime, inclu...
Both fraudsters and money launderers are constantly changing their approaches to financial crimes schemes – when their schemes are blocked, they quickly adapt with new strategies to circumvent controls. Financial institutions are investing...
2019 was a year of new fraud, cybersecurity and money laundering challenges — and new technology to face them head on. We learned that 25% of organizations plan to adopt AI and machine learning to detect fraud in the next two years, which represents a 200% increase over the previous year. Criminals may be agile, but smart analytics help businesses be stronger, faster, and more innovative in how we fight the bad guys. What do we expect to see in 2020? We asked four experts at FICO to put a stake in the ground and predict the future.