FICO

FEBRUARY 19, 2020

Once a real-time payment is initiated it is typically irrevocable – it cannot simply be recalled, something that criminals take advantage of. The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud. Money Laundering and the Rise of the Money Mule.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

Faster Payments Council

SEPTEMBER 17, 2019

In addition, Kirstin emphasized that the Fed would like to understand how our members feel about other proposed characteristics of FedNow, including: irrevocability additional descriptors that can be included in the ISO 20022 message format the $25,000 transaction limit real-time confirmation of the validity of the receiver's account intraday credit (..)

FPC 68

FPC FedNow Fed Request for Comment 68

PYMNTS

NOVEMBER 22, 2019

This allows them to later use another register to buy an equivalent amount of gift cards using the funds from the original sale. QSRs can also lower the transaction limits for their gift cards, disincentivizing cybercriminals from targeting them. Some employees may also ring up gift cards without putting money on them.

Credit Cards 52

Credit Cards Irrevocability Void Crime 52