In the world of faster payments, fraud is a hot topic. But is it the technology's fault? Not really. Fraud can happen with any payment method. It's about individuals making mistakes.
Learn more about App Fraud and its implications in the latest episode of our podcast. We dive into the industry's response and the possible changes ahead.
Notes:
💸 The banking industry is going to overreact to address app fraud: David explains why Zell draws the attention of criminals looking to commit payment fraud. [00:36]
❓ The systems that the customers are using operate exactly the way they were designed: is the financial institution responsible for the behavior of their customers? [03:07]
👉 While the banking industry should undertake any reasonable efforts to protect customers, it cannot absolve the customer from the responsibility for their actions: clients are informed that payment to the recipient is final and irrevocable. [05:35]
Links:
A resource from the Federal Reserve on how they will address fraud: https://explore.fednow.org/resources/fraud-at-a-glance.pdf
Article on LinkedIn that has more on APP Fraud and Reg E: https://www.linkedin.com/pulse/does-reg-e-cover-scams-pj-rohall
Email David: david@davidpeterson.com
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