The adoption of faster payment systems has brought convenience, but it has also opened the door to real-time payment scams. Fraudsters exploit the speed of transactions to execute scams before victims can react.
Common Real-Time Payment Scams:
Push Payment Fraud: Fraudsters trick victims into authorizing payments to accounts they control.
Business Email Compromise (BEC): Attackers impersonate company executives to initiate unauthorized transactions.
Strategies to Combat Real-Time Payment Scams:
Enhance Verification Processes: Implement multi-channel verification for high-value transactions.
Monitor Transaction Patterns: Use AI-driven tools to detect unusual transaction behaviors in real time.
Collaborate with Financial Institutions: Share information about emerging scams to stay ahead of fraudsters.
By adopting these strategies, you can better protect yourself and your customers from the growing threat of real-time payment scams.
