From cash to credit cards to digital payments, the speed with which we can move money from account to account has exploded. Now, with the rollout of real-time payments or faster payments, it’s almost instantaneous. For most of us, making payments is a large part of the business we do through banks, so any innovation that saves us time is welcome, but is this need for speed exposing us to greater risk of fraud?
Real-time payments necessarily reduce the time to detect fraudulent activity – and they are, pretty much, irrevocable. The key then, to preventing fraud in real time, is prevention. This requires a layered approach comprising robust account registration, tight authentication procedures, and secured digital channels. And of course, we mustn’t forget the age-old intricacy of balancing a superb customer experience with keeping out the bad guys.
It’s about thinking smarter and acting faster!
If you’re looking for a proven solution to secure faster payments from day one, download our fact sheet, Authenticating real-time payments.
