According to the press release, the white paper is available in the FPC’s Faster Payments Knowledge Center and takes a fresh look at the current fraud themes and trends, while approaching for mitigating these risks.
The paper outlines the fraud schemes dealt with in the payments system for some time now – identify theft, account takeover, synthetic identity, and social engineering, as well as new ones that have emerged. For instance, the paper points to a new type of fraud, an Authorised Push Payment scam, as a targeted tactic that exploits the speed with which money moves in a faster payments environment.
Moreover, the paper identifies those initiatives that will help foster improved user experiences, bolster confidence and trust in faster payments, and facilitate reaction times to address threats to the ecosystem – ultimately supporting the further advancement of faster payments.
Overall, the FPC prioritises industry collaboration in tackling complex topics such as interoperability among faster payments solutions, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to cross-border payments, and more.