![]() ![]() Fraudsters often are able to get away with pretending that a call or text is coming from a bank or fintech. ![]() With Real Time Payments (also known as RTP) from The Clearing House already live on various banks and Faster Payments by Federal Reserve going live in a couple of years, these types of fraud vectors are only going to get exacerbated.įirst, as consumers, we should never trust CallerID. In this post, I wanted to share a few recommendations for consumers, fintechs, banks and regulators on how to deal with P2P scams on Zelle and other platforms. The same reason that customers love instant real-time payments via P2P like Zelle, Venmo, SquareCash and also Crypto, is also why fraudsters love it - with these payment methods, money can be transferred instantly and it’s not recoverable. US regulation on protecting consumers from these fraud vectors is sadly far behind. ![]() Fraud is becoming increasingly prevalent on P2P networks like Zelle and others, as brought to the forefront, again, today by the article from the NYTimes.Īs more instant real-time payments like RTP or FasterPayments go live in the US, this problem will only get worse. ![]()
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