Speeding Up Fraud Detection in a Faster Payments World

6. August 2018.

“….banks currently rely on a layered approach combining various techniques. But somewhat surprisingly in today’s automated world, checking payment mandates and unusual account activitymanuallyremains a mainstay of the traditional clearance process.

The problem is, manual review is simply not feasible when the clearance time for account-to-account transactions is measured in seconds, not days.

Importantly, fraudsters recognize the challenges facing banks when transitioning and are ready to exploit any vulnerabilities as soon as a RTP scheme goes live.

Banks need to get ahead, be proactive and protect the account data itself, rather than simply be reactive and wait for the fraudsters to strike.”

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