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.
To read the full alert, go to: Trustage.com
(Password and log-in required)
Join Our Mailing List
Keep up with the latest industry info, advocacy updates, member spotlights and upcoming events.