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NEW YORK — KeyBank is hesitant to join the Federal Reserve’s real-timepayments network FedNow until the payments rail shows some growth. The $184 billion bank wants FedNow to reach 5% of demanddepositaccounts (DDA) before joining the payment network.
As volumes of account-to-account consumer payment transactions grow — such as person-to-person (P2P) transfers made via Zelle, which is forecast to take over Venmo in 2018 — so does the opportunity for fraudsters to exploit demanddepositaccounts (DDA).
Clearly, fraudsters are taking advantage of the growing real-timepayments landscape to inflict real financial damage to individuals. But scams, and the impact of scams, extend beyond individual bank accounts. The global figures are staggering — $8.8
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