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Immediate payments is worth the risk

Immediate Payments is Worth the Risk

The problem with fraud prevention is just when you think you’ve got it under control, those pesky criminals change their scams. And that’s all well and good if you’ve got systems capable of adapting to their new and creative tactics.  But what if you don’t know what to protect against?  What if your customers don’t even know what it is they could be getting scammed for?  

And this the case with immediate payments.  With the aim of making payments faster and more accessible to consumers, many countries are busy either implementing new immediate solutions or are planning to do so.   But as with any new, disruptive technology that’s brought to market, there will be fraudsters who find the weak points and exploit them.

One of the most obvious weaknesses can be pinned to consumer customers. Before consumers become comfortable with real-time payments, they will have to develop a level of trust and familiarity with the scheme. 

If a fraudster targets consumers who are already confused and/or unfamiliar with the scheme, then they become your weakest link in your fight against fraud, often freely giving away sensitive information that can help them with accounts take-over. And if the slightest breach of security occurs, banks will lose the confidence of their consumer customers.

All of this means that strong investment, strong analysis and strong education is essential to the success of the future of real-time payments in your bank and indeed in your country as a whole. 

But what if you can turn the required investment into more than just security protection (as if that’s not enough)?  In order to secure your customers, you need to understand the business that they’re conducting with you.  

In turn, you’ll have better business insight, and from that, better products to offer them.  It’s a magic road to success.  And, it’s a proven point in markets where there’s been immediate payments for years, such as the UK.

Visit us at SIBOS where you can attend one of our in-booth theatre sessions and here insights and tips for bypassing fraud and other immediate payments growing pains from a solution provide that’s done it before.