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TruStage RISK Alert: Fraud is the Greatest Risk for Real Time Payments

Real-time payments are a reality with The Federal Reserve’s FedNow® Instant Payments and The Clearing House’s RTP®. This allows more individuals and businesses to send and receive payments instantly, 24/7/365. Credit unions that are set-up to send and receive real-time payments face the biggest risk as there is little to no time to review outgoing real-time payments for potential fraud.

While real-time payments will dramatically improve the speed and efficiency of the US payment system; offering real-time payments will also certainly attract fraudsters. That is why fraudsters frequently target credit unions and banks offering peer-to-peer payment systems like Zelle, which is a real-time payment. Credit unions offering real-time payments in the send and receive role should be prepared for an increase in fraud attempts.

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