Market Trends in Mitigating Fraud Risk Related to Real-Time Payments

As the market at large embraces the value of real-time payments, so will fraudsters, finds a new Aite Group report.

Boston, July 9, 2020 — The expectation is evolving for quick, frictionless payments across myriad use cases, including rebates, refunds, invoicing, and bill pay. But as with any exchange of funds between two parties, the security of real-time payments is critical. Financial institutions that are not prepared for the fraud potential of faster payments will be victimized, but new and emerging entrants into the real-time landscape do not have to fall victim to widespread real-time fraud. Market Trends in Mitigating Fraud Risk Related to Real-Time Payments, Aite Group’s latest report, highlights how banks will protect against fraud in the world of real-time payments. 

“There is a commonly held misperception that financial crime management units are antagonistic toward channel operations and product development units’ objective of creating a frictionless experience for clients,” states Trace Fooshee, senior analyst at Aite Group. “The truth is that the majority of financial crime professionals care deeply about doing everything possible to protect and defend victims of financial crime, and that no experience is worse than falling victim to such attacks,” he adds. 

This report provides valuable insights on real-time fraud and investigates the implementations, volume, and fraud related to both actual and anticipated RTP. It is based on a 2020 survey of 20 of the top 75 U.S. banks, a 2019 survey of fraud executives from 18 of the top 40 U.S. banks, and interviews with four large U.K. banks.  

To request a press copy of this report or to speak with Erika Baumann or Trace Fooshee about this topic, please contact us at pr@aitegroup.com.

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

Press Contact:
Siobhan Scanlan
Public Relations
+1.617.398.5064
PR@aitegroup.com

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