Protecting Customers from Push Payment Fraud
Push payment fraud continues to challenge the payments industry and has become a hot topic in public policy discourse. As losses mount and victim frustration has grown, financial institutions have invested heavily in education, alerting, and other solutions designed to prevent customers from falling victim to scams, especially as immediate, irrevocable payments gain a more prominent foothold in the industry. This session will review the current state of play from legal, regulatory, and business perspectives and discuss how request for payment (RFP) messages – when combined with appropriate legal and risk management guardrails – offer one practical solution that may mitigate the risk of push payment fraud. Panelists will discuss how RFPs are being used today and how they can be applied to transactions that are often vulnerable to push payment fraud.