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04/27/2024
FIs Look to Advanced Technologies to Protect Faster Payments
PYMNTS
Disbursements are a critical part of the modern economy, with more than 170 million consumers in the United States receiving at least one within the past year. These come in many flavors, including Social Security payouts, insurance claim payouts and retail refunds. These payments all share one feature for consumers: They could be faster. According to a PYMNTS Intelligence survey, roughly half of U.S. consumers who receive disbursements would choose to obtain them via instant payment rails if they could, with faster payments providing convenience and a powerful advantage in cash flow transparency and money management.
Accelerated payments are not invincible, however. Faster transactions are susceptible to the same social engineering techniques fraudsters have employed to target legacy systems — but with the added twist that funds intercepted via faster payments are often irrecoverable due to their speed. Fortunately, real-time solutions are rising to meet the challenge. Companies can confidently offer their customers the convenience of faster disbursements while proactively keeping them secure from fraud.
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