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Real-time payment systems have gained substantial momentum and global adoption, with RTP by The Clearing House, Zelle, and other networks providing instantaneous or nearly instantaneous payment capabilities. Add to those the new Federal Reserve-launched real-time payment service FedNow and it’s clear that real-time transfers are the future of banking.
While the implementation of real-time payments brings about quicker and more convenient financial transactions for customers, it also exposes financial institutions (FIs) and those same good customers customers to new, sophisticated fraud attacks. The instantaneous nature of these transactions reduces the window FIs have to identify and prevent these attacks before they suffer serious fraud losses. Opportunistic fraudsters can exploit this speed to swiftly transfer and withdraw funds before the transaction is flagged as suspicious. Given the relative novelty of real-time payments as a product offering, FIs must invest in robust defense mechanisms to effectively counteract fraud attacks facilitated through this payment channel.
In this solution sheet, you’ll learn how to drastically improve fraud response time, increase detection of sophisticated attacks, and build a modern fraud solution prepared to handle the volume of real-time fraud your FI will face.
About DataVisor
DataVisor is recognized as an industry leader and has been adopted by many Fortune 500 companies across the globe.
DataVisor is the world’s leading fraud and risk management platform that enables organizations to respond to fast-evolving fraud attacks and mitigate risks as they happen in real time. Its comprehensive solution suite combines patented machine learning technology with native device intelligence and a powerful decision engine to provide protection for the entire customer lifecycle across industries and use cases.