Fraud executives at major financial institutions see increases in account takeover and authorized push payments (APP) fraud over real-time payments rails
BEDFORD, Mass.–(BUSINESS WIRE)–Outseer, a leading provider of digital fraud prevention and customer authentication solutions, announced today the availability of new global research conducted by the Aite-Novarica Group focused on global trends in real-time payments (RTP) and associated fraud.
The research shows that 71% of financial institutions (FIs) indicated an increase in consumer account takeover (ATO) using RTP rails from 2021 to 2022, and 62% of financial institutions said that consumer authorized push payment (APP) fraud via RTP rails had increased in the same period. 57% of FIs indicated mule account activity over RTP rails was up in 2022 vs. 2021.
“A layered approach for fraud mitigation that combines authentication and payment fraud prevention is more important than ever to effectively mitigate RTP fraud,” says John Filby, Outseer CEO.
Additional insights and recommendations include:
Learn more about the study findings and how the Outseer platform can help your organization mitigate RTP fraud by getting a copy of the report, Faster Payments, Faster Fraud, or register for the June 6th webinar with Julie Conroy, Aite-Novarica Group’s Head of Risk Insights and Advisory, and Scott Olson, CMO of Outseer.
About the Study
Aite-Novarica Group report, sponsored by Outseer, surveyed fraud executives at large FIs in February and March 2023 in Brazil, Canada, India, the U.K., and the U.S. to understand the trends associated with fraud on faster payment rails. Aite-Novarica Group augmented these efforts by examining the progression of faster payments in each market.
About Outseer
At Outseer we are empowering our customers to liberate the world from digital fraud. Our market-leading enterprise fraud and authentication platform is used by thousands of financial institutions around the world to protect millions of customer accounts and billions of transactions annually. Leveraging proven data science, including our proprietary consortium data, our customers use our risk-based, machine learning platform to deliver the highest fraud detection rates, lowest false positive rates, and lowest customer intervention in the industry.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on LinkedIn.
Contacts
Outseer Media:
Scott Olson
Scott.olson@outseer.com
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