Nenad Crnčec
“….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.”
