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In order to understand the impact on fraud that real-time payments can have, it is useful to consider the wider paymentsaccount eco-system and the lifecycle of fraud. As this diagram shows real-time payments are a catalyst for fraud at multiple points, not just in paymenttransactions.
In the UK £250K can now be sent in a single, irrevocablepayment – and the system has been tested for up to an eyewatering £10 million. We’ve already seen the impact of authorized push payment fraud on them, even when payments are not cleared on the same day. Who Is Liable? In September 2016, the UK consumer group Which?
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