PYMNTS

AUGUST 5, 2019

Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living. And the death of checks – sooner rather than later.

Checks 65

Checks Instant Payments Online and Mobile Banking Irrevocability 65

PYMNTS

SEPTEMBER 26, 2019

Common forms of pull payments include debit cards and paper checks. Account holders who provide authorization do not necessarily know when payees will withdraw the promised funds and may not remember to keep enough money in their accounts to cover the costs. When ‘Pull’ is Not Fast Enough.

Payer 67

Payer Real Time Payments Push-to-Card Payee 67

PYMNTS

OCTOBER 30, 2019

There’s financial risk, and making sure the payee who ends up in possession of the funds is the intended recipient. So fast that, once the funds are pushed, they are instantly usable to the payee who received them. The payment is irrevocable, and can’t be clawed back. There is no shortage of risks to consider, she noted.

Instant Payments 41

Instant Payments Payee Payments Risk 41

PYMNTS

OCTOBER 8, 2019

That’s particularly true when funds are truly instant — meaning they are irrevocable. As Edwards noted, although having a real-time infrastructure would make the clearing and settlement process more efficient, payors and the channels that serve them don’t have to wait to move funds in real time to a payee.

Instant Payments 49

Instant Payments Push-to-Card Payments Settlement 49

Seon

APRIL 18, 2024

Favoring speed and the irrevocability of transactions, real-time payments inadvertently aid the operations of APP fraudsters, who rely on the instantaneous nature to launder their profits, cover their tracks and evade the risk of being traced.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52

PYMNTS

JANUARY 3, 2020

The return on investment (ROI) of instant is obvious from the get-go: It requires no printing of watermarked paper checks , no envelope or postage and, most importantly, no more waiting for money to clear. Take a core business function – payments, for example – and then make it lightning-fast, less expensive and secure.

Instant Payments 60

Instant Payments Payments Push-to-Card Ubiquitous 60

Seon

JULY 27, 2023

Doing so is ideal as the payer can then not only know that the outgoing payment was transmitted but received by the payee. In fact, the transactions themselves are irrevocable. There will no longer be the safety net of a long timeframe to spot, report, and counteract fraud risks because FedNow uses instant and irrevocable transactions.

FedNow 40

FedNow Federal Reserve ISO 20022 Fraud Detection 40