Lessons Learned: De-Risking COVID-19 Economic Impact Payments Rapidly
As the U.S. Department of the Treasury distributed Coronavirus relief economic impact payments, a network of financial institutions and service providers mobilized to provide support. The mission, get money into the hands of Americans as quickly and accurately as possible, while preventing fraudsters from siphoning off billions of dollars in relief. Speakers provide a behind-the-scenes look at the cross-industry effort to screen nearly $50B in relief payments rapidly, preventing double-deposits, copied checks and remote deposit fraud. With many financial institutions and corporate entities on their own missions to improve payments efficiency while managing fraud, this session shares lessons learned and key takeaways to expedite the distribution of funds while also managing risk.
Questions answered during this session:
1. What best practices can be learned from the distribution of Coronavirus relief economic impact checks?
2. What methods can be employed to expedite the distribution of funds while also managing fraud risk?