As real-time payments gain popularity in the market, fraud prevention is a top consideration for financial institutions. Systems used for ACH or wire payments have time to consider the transaction before decisioning, while real-time payments allow only seconds. However, real-time payments can sometimes be a financial institution’s first foray into 24/7 transactions. A question of utmost importance is, does the current enterprise fraud system effectively handle real-time payments, or is it leaving these transactions unprotected?
In this
PaymentsJournal hosted webinar,
Brian Riley, Director, Credit Advisory Service at
Mercator, and
Mark Majeske, Senior Vice President, Faster Payments at
Alacriti discuss how fraud prevention measures need to be augmented to handle instant payments with a focus on:
- The use of artificial intelligence and machine learning
- Best practices for consumer education
- Leveraging data
- What financial institutions can do to prevent fraud before it gets to their system
- How it’s possible to respond in real-time
