Tony Fitzgibbon - Chief Executive Officer at Data Zoo. Read 's full executive profile here.
represents exciting developments within the payments industry. Responding to the country's demands, the Federal Reserve has established the much-needed infrastructure to support financial institutions of all scales in transitioning to a real-time payment model. While the exciting features of the FedNow Service offer increased flexibility and the option to build other products and services, opting for instant payments presents new challenges.
However, the main drivers behind these statistics also contribute to the rise in fraudulent activities. It is also essential to factor in the impact of the channel in which RTPs are initiated. For example, digital channels such as mobile phones and the internet are more susceptible to data breaches and information theft. Moreover, this payment method is also linked to less robust authentication methods, such as passwords and PINs, which are easily compromised.
It is important to note that traditional fraud prevention and detection tools may not be fit for purpose in the real-time environment due to the rapidity of transactions and advancing technological needs. Financial institutions must leverage advanced technologies such as artificial intelligence, biometrics and multi-factor authentication to detect potentially fraudulent activity in real time.
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