FedNow Irrevocability Romance Scams 
Seon
APRIL 18, 2024
Often, the fraudsters enter through impersonation, a romance scam or another type of social engineering fraud scam. The widespread adoption of real-time payments and regulations, including FedNow in the US and the European Union’s revised Payment Services Regulation (PSR) last summer, has further exacerbated this fraud.
FICO
FEBRUARY 19, 2020
The Clearing House Association’s RTP as well as The Automated Clearing House offer same day clearing and the Federal Reserve is looking to launch instant payments with their FedNow scheme in 2023. Once a real-time payment is initiated it is typically irrevocable – it cannot simply be recalled, something that criminals take advantage of.
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