Immediate disbursements are gaining favor in various industries and sectors. They can eliminate the pain points in business-to-consumer (B2C) transactions by keeping consumers from waiting to receive their funds, while businesses are witnessing the advantages of using real-time payments when transacting with each other. Such rapid business-to-business (B2B) payments give buyers better control over their cash flows and spare vendors from waiting for money to settle.
Unfortunately, legitimate users are not the only ones keeping their eyes on immediate transaction options. Offerings like the Real-Time Payments® (RTP) network are drawing attention from bad actors as well. Financial institutions (FIs), FinTechs and other businesses that are looking to enable these rapid payments must therefore ensure that their security and fraud-fighting approaches are up to the challenge.
The January Real-Time Payments Tracker® examines how fraudsters seek to compromise and abuse real-time payments systems and how advanced learning tools, robust data analysis and other strategies can help banks and businesses detect, deflect and defuse such attacks.