July 30, 2020
– The U.S. Faster Payments Council
(FPC), a membership organization devoted to advancing faster payments in the United States, today released its latest white paper, Examining Faster Payments Fraud Prevention
. The FPC has prioritized this topic among its work efforts, recognizing it as critical to the success of faster payments in the United States.
Available in the FPC’s Faster Payments Knowledge Center
, the new white paper takes a fresh look at the current fraud themes and trends, and approaches for mitigating these risks in a faster payments environment. The paper outlines the fraud schemes dealt with in the payments system for some time now—identify theft, account takeover, synthetic identity, and social engineering, as well as new ones that have emerged. For instance, the paper points to a new type of fraud, an Authorized Push Payment scam, as a targeted tactic that exploits the speed with which money moves in a faster payments environment.
“Recent events and environmental factors have accelerated the use of faster payments, making the publication of this white paper timely and valuable to financial institutions, technical providers, businesses, and consumers alike,” said the Work Group’s Chair Andrew Haskell, CTP. “I am incredibly proud of the efforts by the Work Group members and their perseverance to produce this document in these unprecedented times.”
Examining Faster Payments Fraud Prevention
combines the deep expertise of the FPC’s diverse group of members to identify enhancements that will advance the efficiency and effectiveness of fraud prevention efforts. In addition, the paper identifies those initiatives that will help foster better user experiences, bolster confidence and trust in faster payments, and facilitate faster reaction times to address threats to the ecosystem–ultimately supporting the further advancement of faster payments.
“Our latest white paper explores potential fraud in today’s speedier environment, including new modes of fraud combined with existing methods we’ve been fighting for years. Identifying and promoting mitigation tactics today will serve us well as faster payments systems continue to ramp up,” said FPC Executive Director Reed Luhtanen. “The FPC will continue to develop tools and resources to support the industry in fighting fraud and other challenges to faster payments adoption.”
The FPC prioritizes industry collaboration in tackling complex topics such as interoperability among faster payments solutions, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to cross-border payments, and more, as the organization paves the way toward a future of faster payments for all.
For more information on the FPC, its current work efforts or to join, visit FasterPaymentsCouncil.org
U.S. Faster Payments Council
About the U.S. Faster Payments Council (FPC)
The FPC is an industry-led membership organization whose mission is to facilitate a world class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC will use collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country. For more information, please visit FasterPaymentsCouncil.org