Data Breach Prevention and Response Summit , Events , Fraud

Faster Payment, Faster Fraud
Faster Payment, Faster Fraud

Following NACHA's new rule for same-day ACH transactions, businesses and consumers are now able to benefit from same-day transaction processing, providing quicker access to payroll, account transactions and more. While beneficial for businesses and consumers, however, same-day ACH has necessitated that financial institutions review thousands of additional transactions per day, leading to a significant increase in staff and operational costs - along with an increased potential for fraudulent activity because of the sheer volume and rapidness of review. In this session, Kevin Donovan of Biocatch will analyze the United Kingdom's transition to faster payments, which saw banking fraud volumes triple, and discuss what U.S. banks can learn from the U.K.'s example. Donovan also will review the types of fraud that have emerged from the move to instant transfer of funds, as well as what has been successful in stopping cybercriminals.

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